Sinema reintroduced bipartisan bill creating jobs and expanding electric and broadband services serving rural Arizona farms, families, and businesses.
“Allowing rural utility providers to refinance Rural Utilities Service loans helps create jobs and ensures rural Arizona communities can continue accessing electric and broadband services during the coronavirus pandemic” said Sinema.
Electric co-ops currently hold Rural Utilities Service debt with interest rates significantly higher than today’s rates, and have been hard hit by the COVID-19 global pandemic due to lower demand and unpaid bills. Sinema’s legislation allows co-ops to adjust their Rural Utilities Service loans and refinance to current market rates without penalty.
The Rural Utilities Service is a U.S. Department of Agriculture program that provide loans to electric co-ops to help them provide electric and broadband services to farms, residences, and businesses in rural areas. Outstanding Rural Utilities Service loans currently amount to approximately $40 billion nationwide and cannot be repaid early or otherwise modified without penalty.
Arizona electric co-ops bring electricity and broadband services to more than 400,000 customers in Mohave, Pima, Pinal, Graham, Greenlee, Navajo, Apache, and Cochise counties, playing a vital economic development in rural Arizona.
Article headline is misleading. Says Sinema boosts it but when you read it, it says she only reintroduced the bill with bipartisan support which probably means she has 1 other person sponsoring bill who is probably a Republican and this has limited chance of passing. Also the bill is more like a trickle down bill where so many things need to happen for constituents to benefits. Very misleading and reads like propaganda for Sinema.