Treasury announces $1B in stimulus bond authorityFriday, February 12, 2010Filed Under: Business National The Department of Treasury announced another $1 billion in tribal bonding authority under the American Recovery and Reinvestment Act of 2009.'
Under the authority, 76 tribes can issue tax-exempt bonds or special Build America Bonds to finance a wide range of projects. A total of $2 billion was available under the law.
"Through Tribal Bonds, communities across Indian Country can access lower-cost borrowing to help finance economic development projects that create jobs," said Deputy Treasury Secretary Neal Wolin. "The first round of awards announced in September helped 58 tribes get infrastructure projects off the ground, and this new allocation will help jumpstart even more projects that will spur economic growth."
Examples in this round include $30 million for the Campo Band of Mission Indians of California for renewable energy, tourism and wastewater facilities and $30 million for the Gila River Indian Community of Arizona for retail, tourism and youth facilities.Three other tribes received $30 million in authority and one tribe received close to $30 million.
EDITORIAL FOOTNOTE: Did the Mohegan Tribe apply or qualify for any of these bonds? Did the MTGA investigate this? Would it help the financial situation of the tribe? What do you think?