David Thomas: “one of the things we are seeking to do, of course, in an economic stimulus package is to cause some jobs to be created.…”

“one of the things we are seeking to do, of course, in an economic stimulus package is to cause some jobs to be created. The amendment which I have offered increases the expenditure limitation on small issue bonds for manufacturing facilities. This is an amendment which would go back and readjust the limits that are in law which allow for issuing of bonds for manufacturing facilities. The amount of the bonds that can be issued in any one particular time were set in 1977 and 1978 so, obviously, things have changed since that time --in fact, many times over--as the equivalent has been changed. This amendment would make adjustments to industrial revenue bonds, the rules and regulations for manufacturing facilities. The amendment would not increase the amount of bonding capacity available to individual States. In other words, it would not be an increase of expenditures but, rather, would give more flexibility to those who are making grants to make them for a larger amount. Actually, the industrial revenue bonding capacity available to an individual State is the greater of an amount equal to $75 per State resident or $225 million. The formula is not affected by this amendment. Therefore, the amount of bonding available would not be affected. The maximum bond capital expenditure limitation on small issue bonds for manufacturing facilities has been $10 million. This amendment moves it to $20 million. It does not change the amount of money available.”