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Source: KOLNKGIN
Nebraska Senator Ben Nelson (D) welcomed an announcement by the U.S. Treasury Department Friday, that Nebraska will receive $225 million in new financing resources from the Stimulus Bill. The announcement targets money to help communities invest in infrastructure and economic development.
“This is very good news. Local communities can sure use these new resources to revitalize or stabilize their communities by launching infrastructure and economic development projects that will provide both good jobs and lasting, needed improvements,” said Senator Nelson. “And these projects will help keep Nebraska a wonderful place to work and live, while helping to turn our national economy around.”
The Treasury Department announced that Nebraska is receiving $225 million in new bond authority under the American Recovery and Reinvestment Act as part of $25 billion in bond authority available to local communities nationwide. The financing authority seeks to help areas affected by job loss and economic hardship. State and local entities can issue bonds and the federal government will pay a major part of the interest through tax credits.
The American Recovery and Reinvestment Act, also known as the stimulus bill, creates a new category of tax credit bonds for investment in economic recovery zones. The bill authorizes $10 billion in recovery zone economic development bonds and $15 billion in recovery zone facility bonds.
Bonds can be issued during 2009 and 2010 and are allocated to counties nationwide. Local governments receiving an allocation of these bonds would be permitted to use the bonds to invest in infrastructure, job training, education, and economic development in areas within the boundaries of the state, city or county that has significant poverty, unemployment or home foreclosures.
The Treasury Department issued a list of recipients in Nebraska. The city of Lincoln will receive a total of $43.7 million in new bond authority, while the city of Omaha will receive a total of $28.8 million in new financing resources.
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