With new federal infrastructure funds come new duties.
So said Ny’s Metropolitan Transportation Authority finance director Patrick McCoy Monday Chatting with lots of of cities and state officers On The federal authorities Finance Officers Affiliation’s 116th convention in Austin, Texas.
The $1.2 trillion Infrastructure Funding and Jobs Act is a “large shot Inside the arm” for infrastructure wants, McCoy said.
The question is, “is the issuer group ready?” he requested. “Tasks Ought to be federalized,” he said, which means That issuers Ought to Adjust to guidelines like Buy America and prevailing wage requirements thOn They might be not used to.
“Tasks Ought to be federalized,” MTA finance director Patrick McCoy said.
As Definitely one of many nation’s largest issuers, the MTA is Conversant Inside the complexities of federal requirements, McCoy said.
“We spend billions of dollars Yearly, and we’re set As a lot as Deal with enterprises that Discover your self to be federalized,” he said. “They typically do Embrace requirements and reporting regimens Which will seem cumbersome. My level is, In case your jurisdiction isn’t frequently receiving federal grants, it simply represents A mannequin new administrative problem.”
Issuers unConversant in federal enterprises should ask their municipal advisors for assist, or lease advisors with that Sort of expertise, he added.
The IIJA allocates funding to Greater than 350 distinct packages, most of Which include …….