Congressman Larry Kissell (NC-08) has announced Anson County is eligible for two Recovery Zone Bonds through the U.S. Treasury Department as part of the American Recovery and Reinvestment Act passed in February.

The U.S. Treasury announced $25 billion in bond authority available under the Recovery Zone Bonds program. Created by the American Recovery and Reinvestment Act (Recovery Act), Recovery Zone Bonds 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.

“State and local governments are struggling to survive in this economic climate, and we must do everything we can to ensure they succeed,” Kissell said. “These bonds will help our counties to continue critical services when our folks need them so badly. This is one of the reasons why I voted for the American Recovery and Reinvestment Act. It brings this money back to our communities where it is needed so desperately.”

The first bond, the Recovery Zone Economic Development Bond, is a type of taxable Build America Bond, which allows state and local governments to obtain lower borrowing costs through new direct federal payment subsidy to finance a broad range of qualified economic development projects including job training and education programs.

The second bond, the Recovery Zone Facility Bond, is 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.

To provide a better road map for state and local government, the Treasury Department released the bond volume cap allocations for counties and larger cities. Anson County’s bond volume cap allocations are $842,000 for the Recovery Zone Economic Development Bond and $1,262,000 for the Recovery Zone Facility Bond.

For more information about the Recovery Zone Bonds or the ARRA, please visit www.recovery.gov.