Q&A
Question about potential funding for New York from the National Infrastructure Bank
0:28:22
·
91 sec
Council Member Justin Brannan asks Assembly Member Jo Anne Simon about the potential funding New York could receive from the National Infrastructure Bank. Simon explains that the amount would depend on what New York applies for, emphasizing the bank's favorable borrowing terms and historical success.
- The bank would offer reduced interest rates and flexible payment terms
- No borrowers defaulted during the Great Depression when a similar system was in place
- The funding is not subject to political battles in Congress or State Legislature
- Only public infrastructure projects are eligible for funding
Justin Brannan
0:28:22
Do they want have any questions for the assembly member?
0:28:27
Assemblymember, do we have an idea of of how much money we'd be able to get back just for New York?
Jo Anne Simon
0:28:33
Well, it would depend on what New York applies for.
0:28:36
Right?
0:28:36
Because basically, you're looking to borrow like you would borrow from a bank, but you would borrow at a very reduced rate.
0:28:42
And the bank would work with you in in terms of payment.
0:28:46
One of the points I'd like to, remind people of is the last time we did this was through the depression and the war years.
0:28:51
And not one borrower throughout the depression, defaulted.
0:29:00
And as you know, during the great great depression, cities and towns, counties were all very strapped.
0:29:07
This is what got us the infrastructure we're using today.
0:29:10
They built a lot of things in the thirties, and those are things we look to preserve, but also those are things that are wearing out.
0:29:17
And so, I think what's very important is that people have nothing to fear about this.
0:29:22
It really will generate this income.
0:29:23
It's also it's not subject to political battles, right, in Congress, or even in the State Legislature.
0:29:30
There's no political battles here.
0:29:32
You want the money, you present, your application, it gets funded, you do the work, you pay it off at a greatly reduced rate, but the value of what it is you just built is paying dividends already for you as a local entity.
0:29:47
And it these are only government, a public, infrastructure project.
0:29:51
So we're not talking about private projects here.
