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Home My WebLink AboutAgenda Report - November 1, 2017 C-12CITY OF LODI COUNCIL COMMUNICATION AGENDA ITEM c-12 TM AGENDA TITLE: Receive Report Regarding Communication Pertaining to Current Tax Exemption for Municipal Bonds in the "United Framework for Fixing Our Broken Tax Code" MEETING DATE: November 1, 2017 PREPARED BY: City Clerk RECOMMENDED ACTION: Receive report regarding communication pertaining to current tax exemption for municipal bonds in the "United Framework for Fixing Our Broken Tax Code." BACKGROUND INFORMATION: The Lodi Electric Utility Department received a request from Northern California Power Agency to add the City's signature to a letter of support from the American Public Power Association to thank the authors for the tax reform entitled, "Unified Framework for Fixing our Broken Tax Code" that would retain the tax -exemption for municipal bonds. There was a need to send the letter immediately in order to make the mailing deadline. Tax-exempt municipal bonds are the most efficient tool for financing public infrastructure investments, benefitting all state and local residents. Tax-exempt municipal bonds finance maintenance and construction of roughly three-quarters of the nation's core infrastructure: investments that make our communities livable and commerce possible. Tax-exempt municipal bonds also build public power, which serves more than 49 million Americans. Public power utilities rely on municipal bonds to cost-effectively raise capital needed to build, maintain, and improve generation, transmission, and distribution facilities that serve their communities. These projects require substantial upfront commitments of capital, but also tend to have long useful lives. Bonds are a responsible way to finance these costs and repay them over time: this allows the investments to be made, while ensuring that those customers benefiting from the investment are paying for them. The City of Lodi added its signature to the attached letter on October 17, 2017. A copy of the initial request is also attached. This report is provided for informational purposes only, pursuant to policy. FISCAL IMPACT: Not applicable. FUNDING AVAILABLE: Not applicable. ))(1,2(.1..AA(Lue.66 nifer M. ' erraiolo ity Clerk APPROVED: la t IMPAIPP. c wab - r ity Manager N:\Administration\CLERK\Council\COUNCOM\GrantSupport2.doc The Honorable Stephen Mnuchin U.S. Department of the Treasury 1500 Pennsylvania Ave, NW Washington, DC 20515 The Honorable Mitch McConnell U.S. Senate S-230 Capitol Building Washington, D.C. 20510 The Honorable Orrin Hatch Committee on Finance U.S. Senate 219 Dirksen Senate Office Building Washington, D.C. 20510 October 21, 2017 The Honorable Paul Ryan U.S. House of Representatives H-232 Capitol Building Washington, D.C. 20515 The Honorable Kevin Brady Committee on Ways and Means 1102 Longworth House Office Building U.S. House of Representatives Washington, DC 20515 Mr. Gary Cohn National Economic Council 1600 Pennsylvania Ave. NW Washington, D.C. 20500 Dear Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn: We the undersigned public power utilities are writing today to express our strong support for your decision to retain the current -law tax exemption for municipal bonds in the "United Framework for Fixing Our Broken Tax Code." Tax-exempt municipal bonds are the most efficient tool for financing public infrastructure investments, benefitting all state and local residents. Tax-exempt municipal bonds finance maintenance and construction of roughly three-quarters of the nation's core infrastructure: investments that make our communities livable and commerce possible. Simply put, bonds build America. Tax-exempt municipal bonds also build public power. Public power serves more than 49 million Americans, operating in every state (except Hawaii). Our utilities and the 93,000 people we employ work to provide affordable and reliable power to nearly 3 million businesses nationwide. These customers work and live in some of the nation's largest cities - including San Antonio, Austin, Anchorage, Omaha, Jacksonville, Los Angeles, and Colorado Springs. But, the vast majority of the nation's more than 2,000 public power utilities serve small communities, like Nephi City, Utah, Owensboro, Kentucky, and Lodi, Wisconsin. Public power utilities rely on municipal bonds to cost-effectively raise capital needed to build, maintain, and improve generation, transmission, and distribution facilities that serve their communities. These projects require substantial upfront commitments of capital, but also tend to have long useful lives. Bonds are a responsible way to finance these costs and repay them over time: this allows the investments to be made, while ensuring that those customers benefiting from the investment are paying for them. In fact, over the last decade, public power utilities have used tax-exempt municipal bonds to finance more than 1,200 projects worth $97 billion. Nationwide, had public power utilities been forced to finance their electric system investments with taxable debt, we estimate they would be paying $4.5 billion more in borrowing costs every year. This would result in increased electricity costs that would be Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 2 fully borne by our customers. This extra money paid by local residents and business would do nothing to improve the electric power grid, but instead would be used to pay higher interest rates to bondholders. For all these reasons, your decision to maintain the current -law tax -exemption for municipal bonds - in place since the tax code's inception in 1913 - is good for our utilities, good for our customers and communities, and good for the country. So, again, thank you for defending this indispensable tool of municipal finance. Sincerely, Alaska Power Association, AK City of King Cove, AK Northwest Public Power Association, AK, ID, MT, NV, OR, WA Alabama Municipal Electric Authority, AL Alexander City Light Department, AL City of Dothan, AL City of Fairhope, AL City of LaFayette, AL City of Lanett, AL City of Luverne, AL City of Piedmont, AL Electric Cities of Alabama, AL Opelika Power Services, AL Riviera Utilities, AL Sylacauga Utilities Board, AL Utilities Board of Tuskegee, AL Tennessee Valley Public Power Association, AL, GA, TN, MS, KY, NC, VA Arkansas Municipal Power Association, AR Benton Utilities, AR City of North Little Rock, AR City Water and Light of Jonesboro, AR Conway Corporation, AR Electrical District No. 2, AZ Irrigation and Electrical Districts Association, AZ Salt River Project, AZ Southwest Public Power Agency, AZ California Municipal Utilities Association, CA City of Roseville Electric Department, CA City of Shasta Lake, CA Imperial Irrigation District, CA Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 3 Kings River Conservation District, CA Lassen Municipal Utility District, CA Lodi Electric Utility, CA Los Angeles Department of Water & Power, CA Merced Irrigation District, CA Modesto Irrigation District, CA Northern California Power Agency, CA Riverside Public Utilities, CA Roseville, CA Sacramento Municipal Utility District, CA Silicon Valley Power, CA Southern California Public Power Authority, CA Turlock Irrigation District, CA City of Fountain Utilities, CO Colorado Association of Municipal Utilities, CO Colorado Springs Utilities, CO Longmont Power & Communications, CO Platte River Power Authority, CO Bozrah Light and Power Company, CT Groton Utilities, CT Norwich Public Utilities, CT Northeast Public Power Association, CT, ME, MA, NH, RI, VT City of Dover Electric Utility, DE Delaware Municipal Electric Corporation, DE Municipal Services Commission of the City of New Castle, DE Beaches Energy Services, FL City of Chattahoochee, FL City of Clewiston, FL City of Newbury, FL City of Ocala Electric Utility, FL City of Starke, FL City of Tallahassee, FL City of Wauchula, FL Florida Municipal Electric Association, FL Florida Municipal Power Agency, FL Gainesville Regional Utilities, FL Homestead Public Services, FL JEA (Jacksonville), FL Keys Energy Services, FL Kissimmee Utility Authority, FL Lakeland Electric, FL Orlando Utilities Commission, FL Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 4 Town of Havana, FL City of Adel, GA City of Albany, GA City of Barnesville, GA City of Blakely, GA City of Cairo, GA City of Calhoun, GA City of Camilla, GA City of Cartersville, GA City of Commerce, GA City of Covington, GA City of Doerun, GA City of Douglas, GA City of East Point, GA City of Elberton, GA City of Ellaville, GA City of Forsyth, GA City of Grantville, GA City of Jackson, GA City of LaFayette, GA City of Monroe, GA City of Monticello, GA City of Moultrie, GA City of Newnan, GA City of Oxford, GA City of Palmetto, GA City of Quitman, GA City of Sandersville, GA City of Sylvania, GA City of Sylvester, GA City of Thomaston, GA City of Thomasville, GA City of Whigham, GA Crisp County Power Commission, GA Fitzgerald Water Light & Board Commission, GA MEAG Power, GA Town of Brinson, GA Atlantic Municipal Utilities, IA City of Hartley, IA Denison Municipal Utilities, IA Hawarden Municipal Utilities, IA Muscatine Power & Water, IA North Iowa Municipal Electric Cooperative Association, IA Sioux Center Municipal Utilities, IA Idaho Energy Resources Authority, ID Idaho Falls Power, ID City of St. Charles, IL Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 5 City Water Light and Power (Springfield), IL Illinois Municipal Electric Agency, IL Advance Municipal Light and Power, IN Anderson Municipal Light and Power, IN Argos Municipal Electric Utility, IN Bainbridge Municipal Utilities, IN Bargersville Electric Light & Power, IN Blanchester Board of Public Affairs, IN Bremen Electric Light and Power, IN Brooklyn Electric Department, IN Brookston Municipal Utilities, IN Centerville Municipal Utilities, IN Chalmers Municipal Utilities, IN Coatesville Power & Light, IN Columbia City Electric Department, IN Covington Municipal Electric Utility, IN Crawfordsville Electric Light & Power, IN Darlington Light & Power, IN Dublin Municipal Electric Utility, IN Dunreith Municipal Utilities, IN Edinburgh Municipal Power and Light, IN Etna Green Municipal Utilities, IN Flora Municipal Electric Utility, IN Frankfort City Light & Power, IN Frankton Municipal Light & Water, IN Gas City Municipal Utilities, IN Greendale Utilities, IN Greenfield Power & Light, IN Huntingburg Municipal Utilities, IN Indiana Municipal Power Agency, IN Jamestown Municipal Light & Power, IN Jasper Municipal Electric Utility, IN Kingsford Heights Municipal Electric Utility, IN Knightstown Electric Utility, IN Ladoga Light & Power, IN Lawrenceburg Municipal Utilities, IN Lebanon Utilities, IN Lewisville Electric Utility, IN Linton Municipal Utilities, IN Middletown Municipal Utilities, IN Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 6 Montezuma Municipal Utilities, IN New Ross Electric Department, IN Paoli Municipal Utilities, IN Pendleton Light & Power, IN Peru Utilities, IN Pittsboro Municipal Utilities, IN Rensselaer Electric Utility, IN Richmond Power and Light, IN Rising Sun Municipal Utilities, IN Rockville Municipal Utilities, IN Scottsburg Municipal Electric Department, IN South Whitley Municipal Electric Utility, IN Spiceland Municipal Utilities, IN Straughn Municipal Utilities, IN Tell City Electric Department, IN Thorntown Utilities, IN Tipton Municipal Utilities, IN Troy Utilities, IN Veedersburg Utilities, IN Walkerton Municipal Utilities, IN Washington Power & Light, IN Waynetown Municipal Electric Department, IN Williamsport Utilities, IN Winamac Municipal Electric Department, IN City of Chanute, KS City of Cimarron, KS City of Coffeyville, KS City of Colby, KS City of Derby, KS City of Erie, KS City of Garden City Utilities Department, KS City of Gardner, KS City of Garnett, KS City of Goessel, KS City of Greensburg, KS City of Hillsboro, KS City of Hugoton, KS City of Hutchinson, KS City of Kingman, KS City of LaCrosse, KS City of Larned, KS City of Lincoln Center, KS City of Lindsborg, KS City of Meade, KS Clay Center Public Utilities, KS Coffeyville Municipal Light & Power, KS Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 7 Kansas City Board of Public Utilities, KS Kansas Municipal Energy Agency, KS Kansas Municipal Utilities, KS Kansas Power Pool, KS McPherson Board of Public Utilities, KS Kentucky Municipal Power Agency, KY Owensboro Municipal Utilities, KY Lafayette Utilities System, LA Massachusetts Municipal Wholesale Electric Company, MA Easton Utilities Commission, MD Bay City Electric Light & Power, MI Chelsea Electric Department, MI City of Charlevoix, MI City of Harbor Springs, MI Coldwater Board of Public Utilities, MI Croswell Light & Power, MI Holland Board of Public Works, MI Lansing Board of Water & Light, MI Lowell Light and Power, MI Michigan Municipal Electric Association, MI Michigan Public Power Agency, MI Michigan South Central Power Agency, MI Niles Utilities Department, MI Traverse City Light & Power, MI Village of Clinton, MI Village of Sebewaing, MI Zeeland Board of Public Works, MI City of Barnesville Municipal Utility, MN Detroit Lakes Public Utilities, MN Henning Municipal Utilities, MN Lakefield Public Utilities, MN Luverne Municipal Utilities, MN Minnesota Municipal Utilities Association, MN Mt. Lake Municipal Utilities, MN Sleepy Eye Public Utilities, MN Southern Minnesota Municipal Power Agency, MN Western Minnesota Municipal Power Agency, MN Willmar Municipal Utilities, MN Carrollton Municipal Utilities, MO Carthage Water and Electric Plant, MO Chillicothe Municipal Utilities, MO City of Albany, MO Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 8 City of Ava, MO City of Bethany, MO City of Butler Municipal Utilities, MO City of Cabool, MO City of Cameron, MO City of Centralia, MO City of Fayette, MO City of Fulton, MO City of Gallatin, MO City of Gilman City, MO City of Harrisonville, MO City of Hermann, MO City of Higginsville, MO City of Houston, MO City of Jackson, MO City of Kirkwood, MO City of Lamar, MO City of Lebanon, MO City of Mansfield, MO City of Milan, MO City of Monett, MO City of Monroe City, MO City of Mount Vernon, MO City of Nixa, MO City of Paris, MO City of Rolla, MO City of Seymour, MO City of Shelbina, MO City of St. James, MO City of Thayer, MO City of Waynesville, MO City Utilities of Springfield, MO City Utilities of West Plains, MO Fayette Utilities, MO Hannibal Board of Public Works, MO Harrisonville Municipal Utilities, MO Higginsville Municipal Utilities, MO Independence Power and Light, MO Kirkwood Electric, MO Macon Municipal Utilities, MO Memphis Municipal Utilities, MO Missouri Association of Municipal Utilities, MO Missouri Joint Municipal Electric Utility Commission, MO Missouri Public Utility Alliance, MO New Madrid Municipal Light & Power, MO Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 9 Rolla Municipal Utilities, MO Seymour Municipal Utilities, MO St. James Municipal Utilities, MO City of High Point, NC City of Laurinburg, NC City of Lexington, NC City of Lincolnton, NC City of Monroe, NC City of Morganton, NC City of Rocky Mount, NC City of Shelby, NC City of Statesville, NC ElectriCities, NC Fayetteville Public Works Commission, NC Greenville Utilities Commission, NC North Carolina Eastern Municipal Power Agency, NC North Carolina Municipal Power Agency 1, NC Pineville Electric Co., NC Town of Hobgood, NC Town of Smithfield, NC Town of Wake Forest, NC Town of Waynesville, NC Cavalier Municipal Utilities, ND Hillsboro Municipal Utilities, ND Lakota Municipal Utilities, ND Northern Municipal Power Agency, ND, MN Burt County Public Power District, NE Cedar -Knox Public Power District, NE Chimney Rock Public Power District, NE Cornhusker Public Power District, NE Cuming County Public Power District, NE Dawson Public Power District, NE Elkhorn Rural Public Power District, NE Howard Greeley Rural Public Power District, NE KBR Rural Public Power District, NE Lincoln Electric System, NE Loup River Public Power District, NE Loup Valleys Rural Public Power District, NE Nebraska Public Power District, NE Nebraska Rural Electric Association, NE Norris Public Power District, NE Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 10 Omaha Public Power District, NE Southwest Public Power District, NE Wheat Belt Public Power District, NE NMPP Energy, NE, CO, IA, KS, ND, WY Borough of Butler Power and Light, NJ Borough of Madison Electric Utility, NJ Borough of Milltown Electric Utility, NJ Borough of Pemberton Electric Utility, NJ Borough of Seaside Heights Electric Utility, NJ Borough of South River Electric Utility, NJ Lavallette Electric Department, NJ Park Ridge Department, NJ Green Island Power Authority, NY Greenport Municipal Utilities, NY Jamestown Board of Public Utilities, NY Massena Electric Department, NY New York Association of Public Power, NY Salamanca Board of Public Utilities, NY Sherburne Electric, NY Sherrill Power and Light, NY Village of Rockville Centre Electric Utility, NY City of Bowling Green, OH Ohio Municipal Electric Association, OH Village of Carey, OH Village of Montpelier, OH American Municipal Power (AMP), OH, PA, MI, KY, VA, WV, IN, MD, DE City of Pawhuska, OK Cushing Municipal Utilities, OK Grand River Dam Authority, OK Oklahoma Municipal Power Authority, OK Central Lincoln People's Utility District, OR Eugene Water & Electric Board, OR City of Clinton, SC Easley Combined Utilities, SC Greer CPW, SC Piedmont Municipal Power Agency, SC Santee Cooper, SC Heartland Consumers Power District, SD Pickstown Board of Trustees, SD Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 11 Vermillion Power and Light, SD Watertown Municipal Utilities, SD Missouri River Energy Services, SD, IA, MN, ND, SD Athens Utilities Board, TN Murfreesboro Electric Department, TN Nashville Electric Service, TN Tennessee Municipal Electric Power Association, TN Austin Energy, TX Bryan Texas Utilities, TX College Station Utilities, TX CPS Energy, TX Garland Power & Light, TX GEUS, TX Kerrville Public Utility Board, TX New Braunfels, TX Texas Municipal Power Agency, TX Texas Public Power Association, TX Weatherford, TX Ephraim City, UT Fairview City, UT Heber Light & Power, UT Kaysville City Power and Light, UT Levan Town, UT Manti City, UT Monroe City, UT Murray City, UT Nephi City, UT Provo City, UT Salem City, UT Spanish Fork City, UT Spring City Municipal Corporation, UT Utah Associated Municipal Power Systems, UT Utah Municipal Power Agency, UT Washington City, UT Blue Ridge Power Agency, VA Municipal Electric Power Association of Virginia, VA Burlington Electric Department, VT Vermont Public Power Supply Authority, VT Benton PUD, WA Chelan County Public Utility District, WA Clark Public Utilities, WA Cowlitz PUD, WA Douglas County PUD, WA Franklin PUD, WA Grant County PUD, WA Secretary Mnuchin, Speaker Ryan, Leader McConnell, Chairman Brady, Chairman Hatch, and Director Cohn October 20, 2017 Page 12 Lewis County PUD, WA Seattle City Light, WA Tacoma Public Utilities, WA Washington Public Utility Districts Association, WA Algoma Utilities, WI Black River Falls Municipal Utilities, WI Boscobel Utilities, WI Brodhead Water and Light, WI Cedarburg Light and Water, WI City of Lodi, WI City Utilities of Richland Center, WI Columbus Water and Light, WI Cuba City Light and Water, WI Eagle River Light and Water Utility, WI Evansville Water and Light, WI Florence Utilities, WI Hartford Utilities, WI Hustisford Utilities, WI Jefferson Utilities, WI Kaukauna Utilities, WI Manitowoc Public Utilities, WI Maquoketa Municipal Electric Utility, WI Marshfield Utilities, WI Menasha Utilities, WI Municipal Electric Utilities of Wisconsin, WI Muscoda Utilities, WI New Holstein Utilities, WI Oconto Falls Municipal Utilities, WI Plymouth Utilities, WI Preston Municipal Utilities, WI River Falls Municipal Utilities, WI Stoughton Utilities, WI Sturgeon Bay Utilities, WI Sun Prairie Utilities, WI Two Rivers Water and Light, WI Village of L'Anse, WI Waterloo Utilities, WI Waunakee Utilities, WI Waupun Utilities, WI WPPI Energy, WI Contact: John Godfrey, 202-467-2929, jgodfrey@publicpower.org Jennifer Ferraiolo From: Sent: To: Subject: Attachments: Importance: Steve Schwabauer Tuesday, October 17, 2017 4:04 PM Elizabeth Kirkley; Jennifer Ferraiolo FW: Reminder - Utility/District Signatures for Municipal Bond Letter REVISED Public Power letter Re Tax Framework 2017.pdf; List of Public Power Signatories 10 12 17.docx High I think this is fine to sign but I think we should follow our established process through the clerk. Have the mayor sign and put a consent calendar item on to ratify it after the fact... From: Elizabeth Kirkley Sent: Tuesday, October 17, 2017 9:44 AM To: Steve Schwabauer Subject: FW: Reminder - Utility/District Signatures for Municipal Bond Letter Importance: High Steve, See below and attached. I would like to have Lodi included as a signatory to this letter. Please let me know if you concur. Thanks, Liz From: Brent ten Pas [mailto:brent.tenpas@ncpa.com] Sent: Tuesday, October 17, 2017 9:10 AM To: *L&R Committee Subject: Reminder - Utility/District Signatures for Municipal Bond Letter Importance: High Legislative and Regulatory Affairs members, Good morning. This is a friendly reminder to encourage you to add your utility or district name to an APPA letter (see attached) that will be sent to the six Administration and congressional authors of the 15 -page framework for tax reform entitled the "Unified Framework for Fixing our Broken Tax Code." As reported in This Week at NCPA, October 6, the letter is intended to thank them for retaining the tax -exemption for municipal bonds in that framework, while explaining the importance of the exemption for public power utilities and our customers, and estimates the cost of losing the exemption ($4.5 billion annually). If you would like your utility or district listed among the names of supporting organizations, please email John Godfrey of APPA directly at jgodfrev publicpower.org to let him know of your desire to cosign. The letter is slated to be sent out on October 20. If you have already submitted your utility/district name to the letter, please let me know or, I would be happy to pass on to John Godfrey for you. Please let me know if you have any questions. Thank you. Brent R. ten Pas 1 Federal Government Relations Northern California Power Agency A Public Agency 651 Commerce Drive Roseville, CA 95678-6420 P: (916) 781-4283 C: (916) 759-3265 www. ncpri. cam From: Steven Medved[maifto:smedved@PUBLICPOWER.ORG] Sent: Thursday, October 12, 2017 8:06 AM To: GRWG-l.@ LISTSERV.PUBLICPOWER.ORG Subject: APPA Action Alert: UPDATE: Utility Signatures Needed for Municipal Bond Letter Importance: High October 12, 2017 TO: Advisory Committee Government Relations Working Group Policy Makers Council FROM: John Godfrey / J( tdfr•ev/p,Public['ower.org / 202-467-2929 SUBJECT: Action Alert: UPDATE: Utility Signatures Needed for Municipal Bond Letter ***This email and the information contained herein are confidential. The intended use is for APPA member utilities and their employees only. Do not distribute outside your organization.*** Please find attached a list, organized by state, of the 133 public power utilities and utility associations that have to date signed onto a letter (attached) in support of tax-exempt municipal bonds. Please consider joining this effort: contact igodfrey Ccpublicpower.org to add your utility's name to the list. Additional information is below. Deadline Our initial deadline for signatures had been tomorrow, i.e., Friday October 13, with the goal of sending the letter no later than October 20. The breadth of response and pace of tax reform deliberations will require some flexibility. To help, please send your request as soon as possible. Key States This letter will be going to House Speaker Paul Ryan (R -WI), House Ways and Means Committee Chairman Kevin Brady (R -TX), Senate Majority Leader Mitch McConnell (R -KY), and Senate Finance Committee Chairman Orrin Hatch (R- UT), so support from utilities in Wisconsin, Texas, Kentucky, and Utah are a top priority. Joint Action Agencies A number of joint action agencies have circulated this request directly to their members. If you have not done so, please consider doing so. Some have amassed a list themselves and forward that list en bloc. Baci:LIR) ti id 2 The American Public Power Association (APPA) is collecting public power signatures for a letter in support of tax- exempt municipal bonds. The letter will be sent by APPA to the six Administration and congressional authors of the "Unified Framework for Fixing Our Broken Tax Code." The letter thanks them for retaining the tax -exemption for municipal bonds in that framework, explains the importance of the exemption for public power utilities and our customers, and estimates the cost of losing the exemption ($4.5 billion annually). Signatories to the letter will not be utility officials, but the utilities themselves. So, for example, Owensboro Municipal Utilities, not Terry Naulty, General Manager, Owensboro Municipal Utilities. APPA will amass all signatures to be sent in one final letter, so please do not send under your own letterhead, but relay your desire to cosign to me. Our goal is to send the letter no later than October 20. Again, please review the attached letter and let John Godfrey (jgodfrey (puhIicpower.org) know of your willingness to sign by Friday, October 13. 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