Senate Panel OKs Bill Seeking Nonprofit Bonding Corporation for Railroads

Sanchez, Humberto
June 2003
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p4
Trade Publication
Commerce, Science, and Transportation Committee has approved legislation that would establish a nonprofit corporation to issue taxable tax-credit bonds to help finance improvements and additions to the nation's rail infrastructure and provide $12 billion for Amtrak operating expenses over six years. Details of how the corporation would function and how much in tax-credit bonds would be issued have not yet been determined, according to a spokesman for Senator Kay Bailey Hutchison, R-Tex., who introduced the bond proposal as an amendment. that was attached to broader transportation legislation. Hutchinson's amendment also included a provision that would provide Amtrak with $2 billion a year for six years. The proposal still needs to be approved by the Senate Finance Committee. The Senate committee's action follows a hearing earlier this month during which Hutchison announced that she planned to draft legislation that would authorize the issuance of $50 billion in bonds to finance rail infrastructure improvements.


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