This section does not apply to a facility if a local obligation that finances the facility is a private activity bond under § 141 of the Internal Revenue Code, for which an allocation under § 146 of the Internal Revenue Code is required. A project, undertaking, or facility qualifies as an infrastructure project if it is planned, acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by or on behalf of a political subdivision to provide the essential physical elements that are the basis of the public service system. Infrastructure projects include streets, sidewalks, curbs, sewer and water systems, bridges, and public buildings that are owned by a political subdivision or a governmental unit of a political subdivision.