1. Short title This Act may be cited as the Impact Aid Infrastructure Act . 2. Impact aid construction grants authorized (a) Funding and sunset (1) Authorization of appropriations There are authorized to be appropriated $1,000,000,000 for fiscal year 2020 to carry out this Act. (2) Supplemental funding The amount authorized under paragraph (1) shall be in addition to any amounts authorized to be appropriated or otherwise made available to carry out section 7007 of title VII of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7707 ). (3) Availability of funds Any amounts appropriated under subsection (a)(1) shall remain available until expended. (4) Sunset The authority to award grants under this Act shall expire at the end of the 3-year period beginning on the date on which funds are first made available to award a grant under this Act. (b) Reservation for management and oversight From the funds appropriated under subsection (a)(1), the Secretary may reserve up to half of 1 percent for management and oversight of the activities carried out with those funds. (c) Formula grants From 40 percent of the funds appropriated under subsection (a)(1) and not reserved under subsection (b), the Secretary shall make payments in accordance with section 7007(a) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7707(a) ). (d) Competitive grants From 60 percent of the funds appropriated under subsection (a)(1) and not reserved under subsection (b), the Secretary— (1) shall award emergency grants in accordance with section 7007(b) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7707(b) ), except as otherwise provided in this Act