Senate Panel Sends Letter Against Mass-Transit Bond Plan

Sanchez, Humberto
May 2003
Bond Buyer;5/21/2003, Vol. 344 Issue 31640, p5
Trade Publication
Leaders of the U.S. Senate Banking Committee have sent a letter to their counterparts at the Senate Finance Committee opposing their plan to create a new federal taxable-bond program to build mass transit projects in the U.S. while redirecting funds currently earmarked for transit to pay for highway construction. Under the plan being considered by Finance Committee leaders, the Treasury would be authorized to issue either taxable tax-credit bonds or conventional taxable bonds and designate that the proceeds be used to fund transit projects. Under the tax-credit bond version of the proposal, which the committee favors, the Treasury would provide federal tax credits to investors in lieu of interest payments. The plan, which has not been formally proposed, also calls for a portion of the bond proceeds to be used to establish a sinking fund that would pay off the bond principal.


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