Washington, DC – Association of Public and Land-grant Universities (APLU) President Peter McPherson today released the following statement on the Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure Act), which U.S. Senator Roger F. Wicker (R-MS) and U.S. Senator Debbie Stabenow (D-MI) introduced today.
“APLU applauds Senators Wicker and Stabenow for their leadership in introducing the LOCAL Infrastructure Act to ease the extraordinary financial emergencies states are facing amid the pandemic. By allowing tax-exempt entities to refinance debt at lower interest rates, the federal government can enable institutions of higher education to direct more money toward addressing the crisis. Public universities are experiencing massively reduced revenue and increased costs. Reinstating advance refunding would let public universities spend less money servicing debt and instead redirect those critical funds to stopping the spread of the COVID-19 and more effectively deliver on their education, research, and community research missions. We urge Senate leadership to advance this common-sense bill.”