Issuers Ask for Federal Help Paying Sandy Debt

Federal and transit agency officials made their case for federal aid to rebuild in the aftermath of Superstorm Sandy, telling a Senate panel they will need it to help pay debt service on new muni debt. The Senate Banking Committee’s subcommittee on housing, transportation and community development held the hearing to get input for a supplemental appropriations bill intended to aid recovery efforts in the wake of what Federal Transit Administration Administrator-designate Peter Rogoff called “the worst transit disaster in the history of the United States.” Chavez said state and local officials would likely be very hesitant to commit to expensive and lengthy infrastructure investments absent a strong statement of congressional financial support. The White House is requesting a total of $60.4 billion in federal resources for Superstorm rebuilding, and has assigned HUD Secretary Shaun Donovan to head the effort.

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