Chris Hamel

The consequences of climate change for this island state are broadly evident. So is its official response.

While acknowledging the critical assistance in the federal relief bill, yet in anticipation of the uncertainty ahead, further Congressional action is essential to provide state and local governments with additional tools to manage debt programs to meet the needs of their constituents.

The question is clear for municipal professionals: what is our legal duty to investors with respect to climate change?

The municipal industry must broaden its involvement to include the significant cost of infrastructure itself as a consistent element of its analysis and services.

The net designated syndication rule is one whose time has passed. The municipal market should modernize, following the lead of other markets as to how issuer monies from its bond issues are paid to underwriters.

Despite the absence of adequate federal funding levels, the plan advances a vision — greater involvement of the private sector with public infrastructure — and then details how the federal government will pursue this new infrastructure paradigm with its vast authorities.

The U.S. infrastructure challenge does not suffer from a shortage of capital. The critical problem is finding added revenue sources to pay back that capital.