NE2: Build Act [Passed]

[Cincinnatus]

The Assembly will now consider the following legislation introduced by the Governor.  Debate will last 72 hours.

A BILL

To amend The Northeast Regional Bank Act to authorize grants and loan guarantees from the Bank to enable contractors and developers to fund capital needs projects.

Be it enacted by the Assembly of the Northeast Region convened.

SECTION 1. TITLE

This legislation may be cited as the ‘Building and Upgrading Infrastructure for Long-Term Development Act of 2012’ or the ‘BUILD Act.’

SECTION 2. CREATION OF INFRASTRUCTURE DEVELOPMENT BOARD

The Northeast Regional Bank Act is amended;

You must be logged in to read this quote.

[Mad Deadly Worldwide Communist Gangster Computer God]

I introduced this legislation as a way to address the needed development and repair of our region's streets, roads, bridges, trains, and what I hope will eventually be the expansion of the St. Lawrence Seaway, which connects our trade route to Canada.  I feel that infrastructure repair is an issue that has been neglected for far too long and that these inefficiencies affect all aspects of urban and rural life.  Commuters on our highways now lose more than $100 billion every year in time spent and fuel burned due to ever-increasing congestion on their way to and from work, our ports struggle to handle increased ship sizes and cargo volumes, and countless cities suffer from urban decay.  The formation of a board will help better coordinate our dollars and help us finally develop a comprehensive infrastructure plan on par with those implemented by numerous developed and developing nations.

[Poirot]

I am trying to figure out the financial impact of this.

If this leads to more loans being made, is there a higher financial risk. Could this lead to having to take loan loss provision ? Or the total operation would be more profitable (more loans, more revenues) and actually increase revenues. 

[Mad Deadly Worldwide Communist Gangster Computer God]

I am trying to figure out the financial impact of this.

If this leads to more loans being made, is there a higher financial risk. Could this lead to having to take loan loss provision ? Or the total operation would be more profitable (more loans, more revenues) and actually increase revenues. 

I believe that the increase in loans and improvement of our infrastructure will do a great deal for our economy, and thus lead to an increase in revenues.  I am open to adding a provision to the bill that establishes loan guarantees or sets a low default interest rate if the Assembly feels doing so is necessary.

[Poirot]

Thank you for the explanation Governor.

Seeing nobody else commented, adding a provision is probably not necessary.

[Cincinnatus]

Debate time has expired.  The Assembly will now vote on the final text.  Voting lasts 24 hours, or until all members have voted;

A BILL

To amend The Northeast Regional Bank Act to authorize grants and loan guarantees from the Bank to enable contractors and developers to fund capital needs projects.

Be it enacted by the Assembly of the Northeast Region convened.

SECTION 1. TITLE

This legislation may be cited as the ‘Building and Upgrading Infrastructure for Long-Term Development Act of 2012’ or the ‘BUILD Act.’

SECTION 2. CREATION OF INFRASTRUCTURE DEVELOPMENT BOARD

The Northeast Regional Bank Act is amended;

You must be logged in to read this quote.

[Barnes]

Aye.

[Poirot]

aye

[H.E. VOLODYMYR ZELENKSYY]

Aye.

[Cincinnatus]

Aye

[Cincinnatus]

Voting time has expired.  With 4 Ayes, the bill passes.