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˜ Ben Nelson
“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.
For more information regarding the statewide breakdown click here.
Senator Nelson played a key role in the passage of the $787 billion stimulus bill. He worked with a bipartisan group of nearly 20 Senators to better focus The American Recovery and Reinvestment Act on tax cuts for the middle class and job creation for millions of Americans. Senator Nelson led the group through the initial bill line by line, dollar by dollar, to reduce spending and cut out $108 billion of inefficient or less-stimulative spending. The bipartisan group helped the improved bill win congressional approval. President Obama signed it into law February 17, 2009.
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