; (2) uses finance tools to mitigate climate change; (3) does not take deposits; (4) is funded by government, public, private, or charitable contributions; and (5) invests— (A) alone; or (B) in conjunction with other investors. (e) Procurement The term procurement means the purchase, lease, or acquisition of real or personal property on a bid, negotiated, or open-market basis, including through a sole-source procurement or in such other manner as the Board and Chief Executive Officer determine to be appropriate and in the best interests of reducing emissions. 5245B. Establishment (a) In general Not later than 1 year after the date of enactment of this chapter, there shall be established in the District of Columbia a bank, to be known as the National Climate Bank , in accordance with this chapter. (b) Legal status The Bank shall be an independent, nonprofit entity outside of the Federal Government. (c) Full faith and credit The full faith and credit of the United States shall not extend to the Bank. 5245C. Purpose The purpose of the Bank is to make the United States a world leader in combating the causes and effects of climate change and reducing emissions in the United States for every dollar spent by the Bank, through the rapid deployment of mature technologies and the commercialization and scaling of new technologies, including by— (1) providing financing support for investments in the United States in clean and low-emissions technologies and processes; (2) conducting low-cost procurements in the United States that will be used to lower emissions; (3) catalyzing and mobilizing private capital through Federal investment and supporting a more robust marketplace for clean technologies, while minimizing competition with private investment; (4) enabling low- and moderate-income individuals and communities to benefit from and afford projects and investments that reduce emissions