American Power Association presents Rep. Hultgren with Public Service Award
In recognition of his efforts to protect tax-exempt municipal bonds, American Public Power Association presented U.S. Rep. Randy Hultgren (R-IL) with the association’s Public Service Award on Wednesday in Washington, D.C.
Public power utilities used $96 billion in municipal bonds to pay for investments in infrastructure over the last decade. Federal taxes on the interest on those municipal bonds would have increased project financing costs by more than $1 billion per year.
Hultgren, who was elected to serve in the House of Representatives in 2011, has been an advocate of tax-exempt municipal bonds during his time in office. He co-founded the Municipal Finance Caucus in 2016 to help identify strategies to protect and strengthen municipal financing options, including tax-exempt bonds.
“We appreciate Rep. Hultgren’s outstanding leadership to protect municipal bonds,” American Power Association President and CEO Sue Kelly said. “He truly understands that tax-exempt financing is vital and helps public power utilities provide their customers affordable, safe, and reliable power.”
Hultgren has also introduced legislation to make bond financing and refinancing more affordable. Last year, he led a letter calling for more flexibility and affordability in municipal bonds that gained 156 bipartisan signatures.
There are 42 public power utilities in Hultgren’s home state of Illinois and they provide electricity to approximately 270,000 homes and businesses.
