NLC Honors Build America Mutual (BAM) with Service to Cities Award
The NLC Distinguished Service to Cities Award, established in 2014, is given annually to a partner of the National League of Cities (NLC) for making a significant contribution to building stronger, more innovative and resilient cities and towns. The 2016 honoree is Build America Mutual, which was recognized for the cost savings it has provided to its member cities and towns by guaranteeing their municipal bonds, as well as the company's work with the NLC's Cities Lead initiative to promote infrastructure investment and raise awareness of the importance of the tax-exemption for municipal bonds.
Michael Stanton, Head of Corporate Strategy and Communications, accepted the Service to Cities Award on behalf of Build America Mutual (BAM) for their continued efforts in insuring municipal bonds for cities at the 2016 City Summit. Stanton said: "As a mutual insurer that is owned by the public-sector municipal bond issuers that utilize our insurance, BAM's relationship with the National League of Cities is a reflection of our mission to make infrastructure more affordable across the U.S. We appreciate the recognition and look forward to adding to the $400 million we have already saved cities, towns, and school districts nationwide."
Build America Mutual (BAM) has been providing NLC member cities and towns with savings on municipal bond financing since the company was established in 2012, and has insured more than $30 billion of bonds for more than 3,000 communities. BAM is rated AA with a stable outlook by S&P Global Ratings, and the bonds it insures carry that rating. By buying BAM insurance, cities and towns with lower credit ratings can achieve an upgrade on their bonds, which translates to a lower interest rate and savings over their life of their transactions.
BAM's work in partnership with NLC' Cities Lead campaign on city infrastructure at both the Democratic and Republican conventions, along with their work in 2016 helping cities across America secure higher credit ratings, helped to provide added value to NLC member cities.
Since 2014, BAM has guaranteed more new-issue bond sales than any other insurer. They have made infrastructure more affordable and investments safer, and are the most innovative and transparent company in the industry. NLC's City Summit brings together local elected officials and city staff together every year to network, attend leadership trainings, advocate for city issues, and obtain resources for their city. Each year, the City Summit is hosted in a new and vibrant city. In 2017, NLC will award another Service to Cities Award in Charlotte, North Carolina to a partner of the National League of Cities. Join us in Charlotte and learn more about the National League of Cities. For more information, contact Rasheeda Mitchell, firstname.lastname@example.org.