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This Bill Could Save Rural Governments Millions in Infrastructure Financing

This Bill Could Save Rural Governments Millions in Infrastructure Financing

A proposal before Congress would expand a provision that gives small governments and districts access to cheaper financing.

Governing.com
BY LIZ FARMER | AUGUST 2, 2019 AT 4:00 AM

A new proposal in Congress could make financing infrastructure projects in rural America far more affordable.

Called the Municipal Bond Market Support Act of 2019, the bill would modernize a restriction on so-called bank-qualified municipal bonds that effectively limits small governments’ access to cheaper borrowing rates in the municipal market.

The Government Finance Officers Association (GFOA) estimates that the proposed bill could save as much as $1.1 million in financing costs on a 15-year, $30 million bond issued by a small government. That translates into hundreds of millions of dollars in savings each year for small governments, nonprofits and districts across the country.

“Expanding the availability of bank-qualified bonds will help local governments and nonprofits afford critical construction projects and stimulate their economies, all while providing significant savings,” Alabama Rep. Terri Sewell said after introducing the bill... FULL ARTICLE

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Wed, August 21, 2019 @ 12:43 AM

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