; and (ii) a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986) that is a qualified institutional buyer. (11) Rating agency The term rating agency means a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )). (12) Secretary The term Secretary means the Secretary of Housing and Urban Development. (13) Secured loan The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary pursuant to section 208. (14) State The term State means a State, the District of Columbia, the Commonwealth of Puerto Rico, and any other territory or possession of the United States. (15) State infrastructure financing authority The term State infrastructure financing authority means the State entity established or designated by the Governor of a State to receive assistance under this title. (16) Subsidy amount The term subsidy amount means, with respect to a Federal credit instrument, the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of the Federal credit instrument, as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.). (17) Substantial completion The term substantial completion means, with respect to a project, the earliest date on which a project is considered capable of performing the functions for which the project is designed. 212. Regulations The Secretary may issue such regulations as the Secretary considers appropriate to carry out this title. 213. Funding From amounts made available for Federal purposes under section 5 of the Land and Water Conservation Fund Act of 1965 ( 16 U.S.C. 460 l –7 ), there is authorized to be appropriated to the Secretary to carry