Dear APWA member,
Our goal this week is to have at least 500 APWA members respond to this action alert. If signed into law, the LOCAL Infrastructure Act will support public works projects of all sizes in communities across the country. Take 2 minutes today to send our pre-written email to your U.S. Senators and show your support for public works on behalf of APWA.
As a public works professional, you know all too well that our communities need to use every available tool to fund and finance infrastructure improvements. One vital tool is tax-exempt municipal bonds. Tax-exempt municipal bonds allow local governments to finance roads, water infrastructure, public utilities, health care facilities, and much more. Local governments save an average of 25 to 30 percent on interest costs with tax exempt municipal bonds (as compared to taxable bonds), thanks to investors who are willing to accept a lower interest rate on tax exempt bonds.
One additional tool for communities to use is advance refunding of these bonds. This process allowed communities to take advantage of fluctuations in interest rates to realize considerable savings on debt service, which ultimately benefits taxpayers.
The enactment of the Tax Cuts and Jobs Act of 2017 removed the advance refunding mechanism from our nation’s tax code. But earlier this month, a bipartisan group of Senators introduced S. 4129, the Lifting Our Communities through Advanced Liquidity, or LOCAL Infrastructure Act. This bipartisan legislation will help communities invest in local infrastructure by reinstating the advance refunding of municipal bonds.
APWA is working to ensure Senators from across the country show their support for this important legislation. Please click the link below to send a message to your Senators asking them to support public works by cosponsoring the LOCAL Infrastructure Act.