Hultgren co-sponsors Municipal Bond Market Support Act
U.S. Rep. Randy Hultgren (R-Dist. 14) has co-sponsored the Municipal Bond Market Support Act of 2015.
H.R. 2229 would expand the use of local bank-qualified bonds and allow local municipal governments and school districts to increase their use from $10 million to $30 million a year.
“Municipal bonds are a lifeline to Illinois communities looking to expand a high school or repair their infrastructure,” Hultgren said. “These tools of ‘fiscal federalism’ allow municipalities to raise their own funds tax-free, using their own expertise and avoiding the heavy bureaucracy of the federal government. If passed, H.R. 2229 would help a school investing in an infrastructure project in the range of $30 million save nearly $4 million in interest costs. We should expand this Main Street financing tool for municipalities intimately connected to the needs of their communities.”
Hultgren has made it a priority to protect municipal bonds. For instance, this year, he worked with Rep. Dutch Ruppersberger (D-MD) to spearhead an effort that involved 122 other representatives to protect tax-exempt municipal bonds.