[Congressional Record (Bound Edition), Volume 154 (2008), Part 17]
[Extensions of Remarks]
[Page 24040]
[From the U.S. Government Publishing Office, www.gpo.gov]




 EXTENSION OF QUALIFIED GREEN BUILDING AND SUSTAINABLE DESIGN PROJECT 
                            BONDS AUTHORITY

                                 ______
                                 

                            HON. JOHN LEWIS

                               of georgia

                    in the house of representatives

                        Friday, October 3, 2008

  Mr. LEWIS of Georgia. Madam Speaker, I support extending authority 
for the issuance of qualified green building and sustainable design 
project bonds. I fought for the inclusion of this extension in this 
bill because of its importance to Atlanta. I fought for this extension 
because I believe the use of these bonds helps finance cutting-edge, 
environmentally conscious redevelopment projects like the Atlantic 
Station project in Georgia. Over and over again businesses and 
developers are seeing that going green improves their bottom line. 
Projects like Atlantic Station and green initiatives must be 
commonplace in the future.
  The authority to issue qualified green building and sustainable 
design project bonds was set to expire in 2009. Unfortunately bond 
applications were not even approved until 16 months after the 
legislation creating the authority to issue these bonds passed in 2004. 
The delay caused setbacks because the technology and engineering behind 
these projects are groundbreaking. To make up for that lost time, this 
bill extends the authority to issue qualified green bonds through 
September 30, 2012. In addition, this legislation clarifies that 
amounts in a reserve account may be released to the project five years 
after the date of issuance of the last bond issue issued with respect 
to the project. This will make sure that all funding can be made 
available to these projects in a more timely and efficient manner. 
While this legislation makes small but important changes, it does so 
without altering any other aspect of this enormous program, such as the 
tax-exempt status of these bonds.
  I am proud to support this effort and the good work occurring right 
in the 5th District of Georgia. The Atlantic Station project has been 
good for Atlanta. It is in the national spotlight. Major efforts like 
this are necessary to show cities across America there is a better way 
forward for our environment and our communities. I appreciate the work 
of my colleagues and the Chairman of the Ways and Means Committee, 
Chairman Rangel, for helping make sure these projects are given the 
opportunity to succeed. I look forward to continuing to work with him 
on this and welcoming him to Atlanta to witness firsthand the result of 
this investment.

                          ____________________