DeLauro Announces Recovery Funding Available to State, Local Governments Under Recovery Zone Bond Program
Washington, D.C. – Congresswoman Rosa L. DeLauro (Conn. – 3) announced $25 billion in bond authority available through the Treasury Department under the Recovery Zone Bonds program – for the state of Connecticut this means a bond volume cap allocation of $225 billion for counties and large cities – part of the effort to stimulate economic growth and jumpstart the availability of financing critical for economic recovery. Recovery Zone Bonds, created under the American Recovery and Reinvestment Act, are targeted to areas particularly affected by job loss and will help local governments obtain financing for much needed economic development projects, such as public infrastructure development, at lower borrowing costs.
"These Recovery Zone Bonds will help strengthen and revitalize the economic health of our communities. By helping to finance improvements in infrastructure, job training and education we will continue our economic recovery and help families in hard-hit communities gain the tools necessary to get back on their feet and build a brighter future," said DeLauro.
The Recovery Act included $25 billion for two new types of Recovery Zone Bonds – $10 billion for Recovery Zone Economic Development Bonds and $15 billion for Recovery Zone Facility Bonds. Recovery Zone Economic Development Bonds are another type of taxable Build America Bond that allow state and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects, such as job training and educational programs. Recovery Zone Facility Bonds are a type of traditional tax-exempt private activity bond that may be used by private businesses in designated recovery zones to finance a broad range of depreciable capital projects.
Below are the Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds among counties and large cities in the state of Connecticut (please note, "residual" indicates that the allocation is for the residual part of the county after excluding the allocation for large municipalities with populations of at least 100,000):
Bridgeport
· $4,003,000 Recovery Zone Economic Development Bond
· $6,004,000 Recovery Zone Facility Bond
Hartford
· $1,006,000 Recovery Zone Economic Development Bond
· $1,509,000 Recovery Zone Facility Bond
New Haven
· $ 2,248,000 Recovery Zone Economic Development Bond
· $ 3,371,000 Recovery Zone Facility Bond
Stamford
· $ 4,428,000 Recovery Zone Economic Development Bond
· $ 6,642,000 Recovery Zone Facility Bond
Waterbury
· $ 5,386,000 Recovery Zone Economic Development Bond
· $ 8,079,000 Recovery Zone Facility Bond
Fairfield County (Residual)
· $ 26,837,000 Recovery Zone Economic Development Bond
· $ 40,255,000 Recovery Zone Facility Bond
Hartford County (Residual)
· $ 9,935,000 Recovery Zone Economic Development Bond
· $14,903,000 Recovery Zone Facility Bond
Litchfield County
· $ 1,795,000 Recovery Zone Economic Development Bond
· $ 2,693,000 Recovery Zone Facility Bond
Middlesex County
· $ 2,700,000 Recovery Zone Economic Development Bond
· $ 4,050,000 Recovery Zone Facility Bond
New Haven County (Residual)
· $18,791,000 Recovery Zone Economic Development Bond
· $ 28,187,000 Recovery Zone Facility Bond
New London County
· $ 6,459,000 Recovery Zone Economic Development Bond
· $ 9,689,000 Recovery Zone Facility Bond
Tolland County
· $ 1,944,000 Recovery Zone Economic Development Bond
· $ 2,916,000 Recovery Zone Facility Bond
Windham County
· $ 4,468,000 Recovery Zone Economic Development Bond
· $ 6,702,000 Recovery Zone Facility Bond