The Bond Buyer, and The Bank of New York Mellon announced they will co-sponsor a pair of full-day educational seminars for state and local government officials who are leveraging the Federal stimulus package to maintain or expand their capital programs. The events will be held in Washington, DC on September 30th, and Chicago on October 7th.
“States and local governments are playing a key leadership role in the American Recovery and Reinvestment Act,” said Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Groupin The Bank of New York Mellon’s Global Corporate Trust business. “They’re partnering through grants that help maintain spending on key social programs and powerful new financing tools that are unlocking capital funds for crucial public infrastructure. These seminars will give state and local leaders a timely and effective forum for sharing their ARRA experience, especially as it relates to best practices around funding, compliance and transparency.”
The municipal finance market has been responsible for one of the ARRA’s first major success stories – the nearly $20 billion of Build America Bonds that have been sold since April, raising capital to finance public schools, roads, and other projects and leading directly to job protection and creation across the country.
In addition to instruction on how to structure and sell Build America Bonds and other ARRA-created financing tools, the program will highlight the need for municipalities to improve their recordkeeping and reporting to stay in compliance with the stimulus legislation’s unique transparency requirements.