On Tuesday, May 14 Rep. Terri Sewell (AL-07) the Local Infrastructure Financing Tools (LIFT) Act, a bill that she says will expand bond financing opportunities for local governments and nonprofits.
According to an announcement from Sewell's office on Tuesday, the bill reportedly provides "flexible" financing tools to support transportation, public health facilities, schools, and other projects.
“As America continues to work toward revitalizing our infrastructure, it remains critically important to find ways to offer financial sustainably to our local governments and nonprofits,” said Sewell. “That is why I am proud to reintroduce the LIFT Act today to provide our communities with tools to invest in a wide range of infrastructure projects."
"By restoring and expanding these proven tools, we can lower borrowing costs, bring additional investors to the table, and provide long-term, efficient financing for these critical investments across Alabama and the United States.”
The announcement from Sewell said that the act will do the following:
- Authorize the use of American infrastructure bonds
- Restore advance refunding of municipal bonds
- Expand bank-qualified debt for small municipalities and nonprofits
A copy of the bill can be seen here.
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