Government Finance Officers Association
Airports Council International – North America
American Planning Association
American Public Power Association
American Public Transportation Association
American Public Works Association
American Society of Civil Engineers
American Water Works Association
Association of School Business Officials International
Bond Dealers of America
International City/County Management Association
National Association Clean Water Agencies
National Association for County Community and Economic Development
National Association of Bond Lawyers
National Association of College and University Business Officers
National Association of Counties
National Association of Health and Educational Facilities Finance Authorities
National Association of Municipal Advisors,
National Association of State Auditors, Comptrollers and Treasurers
National Association of State Treasurers
National Community Development Association
National School Boards Association
National League of Cities
The Securities Industry and Financial Markets Association
The United States Conference of Mayors

Dear Speaker Pelosi and Minority Leader McCarthy:

We the undersigned organizations write today in strong support of the House’s consideration of H.R. 2, The Moving Forward Act. While the nation continues to respond to the unprecedented effects of the COVID-19 pandemic, we must begin to look to the future with comprehensive legislation to refine, restore, and expand our roads, bridges, airports, water and electric systems, hospitals, schools, and other core infrastructure. These are the investments that make commerce possible, create jobs and provide the communities we deserve.

Hard work and compromise will be needed if this measure is to succeed. To help build support for this legislation and strengthen the tools we will need to ensure our economic recovery, we strongly support the inclusion of tax-exempt municipal bond provisions which have already won broad bipartisan support. This includes the reinstatement of the ability to issue tax-exempt advance refunding bonds, an increase in the smaller issuer exception cap from $10 million to $30 million, and establishment of direct subsidy infrastructure bond initiative among many other provisions addressing the financing of public services.

State and local governments rely on tax-exempt municipal bonds to finance long-term capital investments because they are well-tested and trusted financing vehicles which allow the private sector to provide upfront capital for projects the cost of which is repaid overtime by state and local residents. Nearly three-quarters of our nation’s infrastructure is built by state and local governments. In the last decade alone, tax-exempt municipal bonds financed roughly $2.3 trillion in new capital investments.

The tax-exempt municipal bond has been a steadfast resource for state and local leaders in both times of prosperity and uncertainty for over 100 years. Expanding the use of tax-exempt financing for public and nonprofit entities will keep existing infrastructure projects alive and support local economies through newfound capital in the municipal bond market. Public finance champions in Congress easily recall the mitigating role municipal bonds can play in an economic crisis. By wisely advocating for their use again, members of the House are arming those who directly serve the public with resources that can meet the needs of such demanding times.

Again, the Public Finance Network appreciate the thoughtful work by leaders in the House of Representatives and is eager to work with members of the House and Senate in continuing support of comprehensive economic recovery and infrastructure legislation.

Sincerely,

Government Finance Officers Association, Emily Swenson Brock, 202-393-8467
Airports Council International-North America, Amanda La Joie, 202-861-8094
American Planning Association, Jason Jordan, 202-349-1005
American Public Power Association, John Godfrey, 202-467-2929
American Public Transportation Association, Mark Hybner, 202-496-4897
American Public Works Association, Andrea Eales, 202-408-9541
American Society of Civil Engineers, Joe Brady, 202-789-7852
American Water Works Association, Tommy Holmes, 202-326-6128
Association of School Business Officials International, Elleka Yost, 703-434-1642|
Bond Dealers of America, Michael Decker, 202-603-5663
International City/County Management Association, Elizabeth Kellar, 202-962-3611
Large Public Power Council, John DeStasio, 512-707-1010
National Association of Clean Water Agencies, Kristina Surfus, 202-833-4655
National Association for County Community and Economic Development, Laura DeMaria, 202-367-1149
National Association of Bond Lawyers, Jessica Giroux, 202-503-3290
National Association of College and University Business Officers, Liz Clark, 202-861-2553
National Association of Counties, Eryn Hurley, 202-661-8805
National Assn. of Health and Educational Facilities Finance Authorities, Chuck Samuels, 202-434-7311
National Association of Municipal Advisors, Susan Gaffney, 703-395-4896
National Association of State Auditors, Comptrollers and Treasurers, Cornelia Chebinou, 202-624-5451
National Association of State Treasurers, Brian Egan, 202-630-1880
National Community Development Association, Vicki Watson, 540-656-9552
National School Boards Association, Deborah Rigsby, 703-838-6208
National League of Cities, Michael Gleeson, 206-915-3797
The Securities Industry and Financial Markets Association, Bradley Edgell, 202-962-7335
The United States Conference of Mayors, Larry Jones, 202-861-6709

Cc: The United States House of Representatives