February 21, 2017

VIA ELECTRONIC & U.S. Mail Executive Committee The Honorable Paul Ryan Chair Speaker of the House of Representatives Stephen K. Benjamin Mayor, Columbia, SC H-232 The Capitol Washington, DC 20515

Vice Chair The Honorable Kevin Brady Kevin M. Burke Chairman, Committee on Ways & Means President and CEO Airports Council 1106 Longworth House Office Building International—N.A. Washington, DC 20515

Secretary Michael Nicholas The Honorble Richard Neal CEO Ranking Member, Committee on Ways & Means Bond Dealers of America 341 Cannon House Office Building

Clarence E. Anthony Washington, DC 20515 Executive Director National League of Cities Dear Speaker Ryan, Chairman Brady and Ranking Member Neal:

Sue Kelly President and CEO Soon, Congress will consider changes to the federal tax code that could noticeably American Public Power impact all taxpayers. As the debate progresses, the 375 undersigned groups, representing a Association large cross section of your collective constituency, strongly urge you to maintain the tax- exempt status for municipal bonds. Ex-Officio Debra Chromy President For over 100 years, state and local governments have financed infrastructure and Education Finance Council community improvement projects using tax-exempt municipal bonds. Infrastructure financed by municipal bonds makes possible nearly every aspect of daily life and is a George Friedlander Managing Partner critical component in building and maintaining a strong economy for every citizen and Court Street Group company in this country.

The municipal market and tax-exempt municipal bonds are the backbone of state and local government finance and key components in a vibrant federal economy. A reduction or elimination of the tax exemption for municipal bonds could raise infrastructure costs by 10 to 12 percent, with these increased costs being passed directly to taxpayers in your state. Ensuring that issuers can continue to fund capital projects by effective means will ultimately reduce the burden on every taxpayer and all levels of government.

As examination and deliberation continues on ways to reform our federal tax code and improve our country’s infrastructure, we reiterate our support for preserving the current laws governing the tax-exempt status of municipal bonds. Cost-effective financing is essential in rebuilding our economy and our nation’s infrastructure. Tax- exempt municipal bonds are the only proven mechanism to accomplish this task and their full tax-exempt status must be preserved.

Sincerely,

Municipal Bonds for America Coalition – www.munibondsforamerica.org CC: Sen. Orrin Hatch Chairman – Senate Finance Committee

Sen. Ron Wyden Ranking Member – Senate Finance Committee

Sen. Mitch McConnell Republican Senate Majority Leader

2 National Organizations City of Roseville African American Mayors Association City of Vernon Airports Council International- North America Franklin Templeton Investments American Council of Engineering Companies Inland Empire Utilities Agency American Society of Civil Engineers John Wayne Airport, County of Orange, Association of Metropolitan Water Agencies California Bond Dealers of America Lassen Municipal Utility District Building America's Future Los Angeles Department of Water and Power Investment Company Institute (ICI) Metropolitan Water District of Southern Large Public Power Council California Metropolitan Water District of Southern Michael Paganini - Taxpayer California Modesto Irrigation District Municipal Bonds for America (MBFA) Monterey Peninsula Airport District National Association of Clean Water Agencies Monterey Regional Airport National Association of College and University Northern California Power Agency Business Officers PIMCO National Association of Towns and Townships Sacramento County National League of Cities Sacramento Municipal Utility District (SMUD) National Water Resources Association San Diego County Regional Airport Authority SIFMA AMG San Francisco International Airport San Jose Airport Alabama Santa Clara Valley Transportation Authority Huntsville International Airport Southern California Public Power Authority Huntsville Utilities Turlock Irrigation District Vernon Gas & Electric Alaska Western Municipal Water District Alaska Power Association William Dreskin - Taxpayer

Arizona Colorado Agribusiness and Water Council of Arizona Colorado Springs Utilities Arizona Westside Districts Association Denver International Airport Irrigational and Electric Districts Assoc. of Platte River Power Authority Arizona The Colorado Association of Municipal Mayor and Council, City of Tempe, Arizona Utilities Phoenix-Mesa Gateway Airport Thomas Petit Salt River Project Town of Superior

Arkansas Connecticut Conway Corporation Mayor Toni Harp, City of New Haven, CT Stephens, Inc. Delaware California Delaware Municipal Electric Corporation Association of California Water Agencies Association of California Water Agencies Florida City of Banning City of Tamarac City of Burbank Florida Municipal Electric Association

3 Fort Pierce Utilities Authority Greater Orlando Aviation Authority Iowa JEA Alton Municipal Utilities Kissimmee Utility Authority Board of Water, Electric and Communications Lakeland Electric Trustees of the City of Muscatine IA, (d.b.a Lee County Port Authority Muscatine Power and Water) Mega Van LLC City of Pella Sarasota Manatee Airport Authority City of Sioux Center Municipal Utilities Utility Board of the City of Key West, Florida Denison Municipal Utilities - Keys Energy Services Des Moines International Airport Lake Park Municipal Utilities Georgia Maquoketa Municipal Electric Utility Anthony Howard, Mayor of Blakely, GA Orange City Municipal Utilities City of Barnesville Paullina Municipal Utilities City of Cairo Remesen Utilities City of Cartersville Electric System City of Doerun Kansas City of Douglas Kansas Municipal Energy Agency City of Mansfield City of Morland City of Monroe Kansas City Board of Public Utilities City of Palmetto Board of Public Utilities, City of McPherson, City of Quitman Kansas City of Sylvania City of Marion, Kansas City of Thomaston Kansas Municipal Utilities City of Washington Kendal Francis - City Manager, Coffeyville, City of Whigham KS Crisp County Power Commission City of Lindsborg David Schwartz, MD City of Russell Fitzgerald Water, Light & Bond Commission City of Baldwin City Mayor Andy Arnold, City of LaFayette, GA Kansas Power Pool Mayor, City of Marietta MEAG Power Kentucky WellStar Health System Lexington Fayette Urban County Airport Board Idaho Idaho Falls Power Louisiana Lafayette Utilities System Illinois Baton Rouge Metropolitan Airport Bernardi Securities, Inc. Hutchinson, Shockey, Erley & Co. Maryland Illinois Municipal Utilities Association Town of Forest Heights Illinois Municipal Electric Agency Nuveen Asset Management Massachusetts Columbia Threadneedle Investments Indiana Eaton Vance Management Indiana Municipal Power Agency Groveland Municipal Light Department

4 Hudson Light and Power Department Missouri Massachusetts Municipal Wholesale Electric City of Cassville Company City of Ozark MassDevelopment Mayor Francis Slay – City of St. Louis Mayor Setti Warren – Newton, MA Mayor Rick Gardner – Kansas City MFS Investment Management Mayor Sly James – City of Ozark Northeast Public Power Association Missouri Association of Municipal Utilities Princeton Municipal Light Department Missouri Joint Municipal Electric Utility Standish Mellon Asset Management Commission St. Louis lambert International Airport Michigan Alger Delta Cooperative Electric Association Montana City of Crystal Falls Michigan Municipal Electric Association Nebraska Village of L'Anse Loup River Public Power District Omaha Public Power District Minnesota Austin Utilities Nevada Board of Public Works - dba ALP Utilities Mayor Andy Hafen - City of Henderson Blue Earth Light and Water Reno-Tahoe Airport Authority City of Blooming Prairie Truckee & Van LLC City of Buffalo City of Granite Falls New Jersey Cronin & Co., Inc. Borough of Milltown Detroit Lakes Public Power Utilities Borough of Seaside Heights (Mayor & Elbow Lake Municipal Power Borough Council) Glencoe Light and Power Commission Borough of South River Grand Rapids Public Utilities Commission Public Power Association of New Jersey Hutchinson Utilities Commission Russell Bey Marshall Minnesota Municipal Utilities Metropolitan Airports Commission New York Minnesota Municipal Utilities Association AllianceBernstein Mt. Lake Municipal Utilities Aquila Investment Management LLC Northern Municipal Power Agency Association of Towns of the State of New York Owatonna Public Utilities BNY Mellon, N.A. Princeton Public Utilities City of Jamestown Board of Public Utilities Rochester Public Schools City of Sherrill Rochester Public Utilities Foresters Investment Management Company Saint Peter Municipal Electric Utility Invesco LTD Sauk Centre Public Utilities Long Island Power Authority Sleepy Eye Public Utilities National Development Council Southern Minnesota Municipal Power Agency National Development Council Spring Valley Municipal Utilities New York Power Authority Willmar Municipal Utilities New York State Economic Development Worthington Public Utilities Council Rockville Centre Electric

5 St. Lawrence County – Board of Legislators Oregon Municipal Electric Utilities TIAA CREF Association Town of Massena Port of Portland Village of Sherburne Pennsylvania North Carolina A.H. Williams &Co Greenville Utilities Commission APEX FINANCIAL ADVISORS, INC City of Concord Division of Aviation - Philadelphia City of High Point North Carolina International and Northeast Airports Federated Investors North Dakota Pennsylvania State Association of Boroughs Integrity Viking Funds Watkinson Capital Advisors LLC Lakota Municipal Utilities Rhode Island Ohio Pascoag Utility District American Municipal Power, Inc. American Municipal Power, Inc. and Ohio South Carolina Municipal Electric Association City of Columbia, SC Carey Municipal Light & Power Mayor Joseph T. McElveen, Jr. – Sumter, S.C. City of Beachwood Municipal Association of SC City of Tipp City Piedmont Municipal Power Agency City of Wadsworth Santee Cooper Columbus Regional Airport Authority Council of Development Finance Agencies South Dakota Downtown Cleveland Alliance City of Vermillion Ohio Municipal Electric Association Flandreau Municipal Utilities Village of Montpelier, Ohio Missouri River Energy Services

Oklahoma Tennessee City of Cushing Athens Utilities Board City of Pawhuska Benton County Electric System Duncan Public Utilities Authority Carroll County Electric Department Edmond Electric City of Dayton Electric Department Grand River Dam Authority Cleveland Utilities Kingfisher Electric Covington Electric System Municipal Electric Systems of Oklahoma Dyersburg Electric System Municipal Electric Systems of Oklahoma Jackson Energy Authority Municipal Utility Board Jellico Electric & Water System Oklahoma Municipal Power Authority LaFollette Utilities Board Tulsa Airports Improvement Trust Lawrenceburg Utility Systems Lenoir city utilities board Oregon Lewisburg Electric System Central Lincoln People's Utility District Memphis Light, Gas, and Water Midstate Electric Cooperative, Inc. Milan Department of Public Utilities Northern Wasco County People's Utility Morristown Utilities Commission District (NWCPUD) Paris Board of Public Utilities

6 Ripley Power and Light Company American Public Power Association Rockwood Electric Utility Blue Ridge Power Agency Sevier County Electric System Charlottesville Albemarle Airport Shelbyville Power, Water and Sewerage Norfolk Airport Authority System Water Environment Federation Tennessee Municipal Electric Power Association Washington Union City Electric System Centralia City Light Weakley County Municipal Electric System Chelan County Public Utility District Clark Public Utilities Texas Douglas County PUD Austin Bergstrom International Airport Energy Northwest Austin Energy Grant PUD Bell County Water Control & Improvement Mason County Public Utility District No. 1 District #1 Mason PUD 3 City of Arlington, Texas Northwest Public Power Association City of Austin Northwest Public Power Association City of Hempstead Port of Bellingham CPS Energy Port of Seattle Dallas Fort Worth International Airport Public Utility District #1 of Klickitat County E. Fountain Public Utility District No. 2 of Grant County, EBAA IRON, INC. Washington Estrada Hinojosa & Company, Inc. Public Utility District No. 2 of Pacific County Lower Colorado River Authority Public Utility District No.1 of Kittitas County Mayor Steve Adler – Austin, TX Seattle City Light NatAlliance Securities Selah-Moxee Irrigation District Office of the Mayor, Oscar Leeser – El Paso, Snohomish County PUD TX Tacoma Public Utilities Texas Association of Clean Water Agencies (TACWA) West Virginia Texas Section, American Water Works Cabell Huntington Hospital Association Mayor Steve Williams - City of Huntington, Water Environment Association of Texas WV (WEAT) St. Mary's Medical Center Tri-State Transit Authority Utah NEPHI CITY Wisconsin Utah Associated Municipal Power Systems Algoma Utilities (UAMPS) Black River Falls Municipal Utilities Boscobel Utilities Vermont Broadhead Water and Light Vermont Public Power Supply Authority Cedarburg Light and Water City of Boscobel Virginia City of Cuba City American Association of Airports of City of Hartford Executives Columbus Water and Light

7 Eagle River Light and Water Utility Evansville Water & Light Hartford Electric Hustisford Utilities Jefferson Utilities Juneau Utilities Kaukauna Utilities Marshfield Utilities Menasha Utilities New Holstein Utilities Oconomowoc Utilities Oconto Falls Municipal Utilities Plymouth Utilities River Falls Municipal Utility Stoughton Utilities Stoughton Utilities Sturgeon Bay Utilities Sun Prairie Utilities Two Rivers Water and Light Village of Muscoda Village of Waunakee Waunakee Utilities Waupun Utilities Whitehall Electric Wisconsin Health & Educational Facilities Authority WPPI Energy

Wyoming Wyoming Municipal Power Agency

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