{"id":6718,"date":"2019-06-07T12:01:56","date_gmt":"2019-06-07T16:01:56","guid":{"rendered":"http:\/\/blogs.mml.org\/wp\/inside208\/?p=6718"},"modified":"2019-06-07T12:01:56","modified_gmt":"2019-06-07T16:01:56","slug":"federal-tax-exempt-bonding-new-legislation-seeks-to-restore-advance-refunding-option","status":"publish","type":"post","link":"https:\/\/mml.org\/inside208\/2019\/06\/07\/federal-tax-exempt-bonding-new-legislation-seeks-to-restore-advance-refunding-option\/","title":{"rendered":"Federal Tax Exempt Bonding \u2013 New legislation seeks to restore advance refunding option  \u00a0"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:calc( 75rem + 2.5rem );margin-left: calc(-2.5rem \/ 2 );margin-right: calc(-2.5rem \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.25rem;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.25rem;--awb-width-medium:100%;--awb-spacing-right-medium:1.25rem;--awb-spacing-left-medium:1.25rem;--awb-width-small:100%;--awb-spacing-right-small:1.25rem;--awb-spacing-left-small:1.25rem;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>Congressmen Ruppersberger (D-MD-2) and Stivers (R-OH-15) introduced <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/house-bill\/2772\">Investing in Our Communities Act<\/a>(H.R. 2772) in order to restore tax-exempt advance refunding bonds. Up until the passage of the Tax Cuts and Jobs act in 2017, municipalities were able to use advance refunding bonds to lower interest rates and achieve cost savings to spend on other local priorities. Advance refunding bonds also can help communities weather a recession and save local taxpayers money. The Government Finance Officers Association estimates that these bonds saved state and local governments at least 14.3 billion nationally between 2012 and 2017.\u00a0 In Michigan, 318 advance refunding issuances took place during that same time period, achieving an estimated savings for Michigan communities of $294 million.<\/p>\n<p><a href=\"https:\/\/citiesspeak.org\/2019\/05\/30\/congress-its-time-to-bring-back-advance-refunding-bonds\/?_zs=edrvW&amp;_zl=ETpd1\">Click here<\/a> to read an article provided by the National League of Cities with additional information on advance refunding bonds.<\/p>\n<p>The Michigan Municipal League has consistently partnered with NLC and our Congressional delegation to protect and promote the value of tax-exempt municipal bonds as a critical tool used for financing infrastructure.\u00a0 Please reach out to your members of <a href=\"https:\/\/www.govtrack.us\/congress\/members\">Congress<\/a> to express your support for H.R. 2772 and let them know what bonds have built in your community.<\/p>\n<p><em>C<\/em><em>hris Hackbarth is the League\u2019s director of state &amp; federal affairs. He can be reached at\u00a0517-908-0304\u00a0and\u00a0<a href=\"mailto:chackbarth@mml.org\">chackbarth@mml.org<\/a><\/em>.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-6718","post","type-post","status-publish","format-standard","hentry","category-uncategorized","mml-onemagnify-plugin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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