[Congressional Record Volume 143, Number 23 (Thursday, February 27, 1997)]
[Senate]
[Page S1728]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    TAX FREE STADIUM BOND FINANCING

  Mr. SPECTER. Mr. President, I have sought recognition to discuss the 
pending unanimous-consent request on the tax measure. I do so because 
of my concern about a matter which is pressing for my State, in a 
number of particulars, most specifically the Wilkes-Barre arena, where 
financing is being held up because legislation has been introduced by 
Senator Moynihan, which has an effective date on the date of committee 
action, and bond counsel have, as I understand it, given an opinion 
that industrial development bonds cannot be issued from the State.
  After discussing the matter with Senator Moynihan, it is my 
understanding that he is concerned about the statutory limits on other 
tax-exempt bonds, which would affect hospitals and universities. It is 
a relative rarity that a tax bill comes through the Senate. This is an 
occasion where I would have an opportunity to introduce an amendment to 
try to move this process along. I am well aware of the fact that this 
is an important measure which needs to be cleared through the Senate. 
But I wanted to take this opportunity--and I have so advised our 
distinguished majority leader of my intention--when the unanimous-
consent request is propounded, to reserve the right to object to see if 
we might get some sort of a schedule for consideration of the 
underlying issues here.
  I note the presence of the distinguished majority leader on the 
floor. I await his action on propounding the unanimous-consent request. 
I take advantage of this break in the action to state my position.
  I yield the floor.
  Mr. LOTT. Mr. President, with my apologies to the Senator from 
Pennsylvania, was there anything I needed to respond to at this 
juncture, or would you like to go ahead with the unanimous-consent 
request?
  Mr. SPECTER. If I may respond to the majority leader, there is 
nothing for him to respond to.

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