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On June 28, Senator Stabenow (D-MI) introduced this bill to provide $12 billion in private activity bonds to finance the reconstruction of a facility, or a portion of a facility, for the development of advanced technology vehicles, such as flex fuel, E85 and hybrids. According to Stabenow, for every dollar spent, the bond would leverage 10 times that amount in the marketplace.
Details of the bill include:
- The bill would provide a total of $12M in bonds, with up to $4M available to any one manufacturer.
- Bonds would be available to automakers between 2008 and 2013, with up to five years to use the bond revenue.
- The bonds would be issued through state or local governments to finance alternative motor vehicle facilities within their jurisdiction.
- According to Stabenow, the bill would cost only $1.5M but provide $12M to automakers.
For more information, please visit:
- Senator Stabenow's website
- The Detroit News - Bills target fuel rule costs
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