Project Info Text refers to the project information text and legal text printed on the Function Description Report.
You can edit the text under System > Project Settings > Project Info Text (see image below). You can edit the text for every language. THe project information can then be printed in that language. You can set the language you want a report to be printed in by changing the project language in the project details. More information on project languages can be found here.
The project information text will be printed on the first page and the legal information text will be printed on the last page of the report.