Rep. Tom Reed (R-Corning)
JAMESTOWN – Congressman Tom Reed (R-Corning) paid a visit to Jamestown High School Friday to discuss his Municipal Bond Market Support Act.
According to the Congressman, the proposed legislation would expand the availability of bank-qualified bonds, which he says is a cost-effective method of financing that is widely used by local governments and financing authorities.
Under the bill, local municipal governments and school districts will see their annual ability to utilize bank qualified bonds increase from $10 million to $30 million. The interest rate on bank qualified bonds can be as much as a half percentage point lower than traditional financing, meaning that taxpayers can save hundreds of thousands of dollars on a single bond issuance by using these bonds.
Reed is running for reelection in New York’s 23rd Congressional District, which includes Chautauqua County. His challenger is Tompkins County Democrat Martha Robertson.
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