Senate Introduces Narrow Stimulus Package

Senate Champions Continue to Press for Inclusion of Muni Provisions

This week, the Senate Majority Leader released a piecemeal stimulus package that has left more questions than answers.  The package, which includes no additional funding to state and local governments or any municipal bond provisions, is currently struggling to find support from either Republicans or Democrats.

While this package did little to assist the municipal market, state and local governments remain undeterred as do the muni legislation sponsors in the Senate.

Senator Roger Wicker, continues to press for inclusion of bond provisions such as recently released legislation to restore advance refundings and to create a new BABs program exempt from sequestration.

We continue to work with key Senate offices on inclusion of advance refundings and direct pay bonds in a final COVID stimulus bill. One push back we’ve heard with regard to advance refundings is that issuance costs could exceed PV debt service savings achieved by issuers.

**We’d like to counter this with examples or even aggregate data. If you can, please provide transaction examples where an issuer’s PV debt service savings clearly exceeded the all-in cost of issuance.

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