Washington, DC - U.S. Senator Tim Johnson (D-SD) announced today that Union County will receive authority from the US Treasury Department to benefit from up to $8,027,000 in low-interest federal bonds for economic development projects. This funding is part of $225 million awarded to counties across South Dakota though the Recovery Zone Bonds program, through the American Recovery and Reinvestment Act of 2009.
“This funding will allow Union County to move forward with economic development projects that may not have been possible without the stimulus bill,” said Johnson. “I am pleased that stimulus money is having a real impact and will be well spent to keep South Dakota communities moving forward.”
Funding will be distributed separately through Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds. Union County will receive $3,211,000 in Recovery Zone Economic Development Bonds, which will help local governments obtain financing at lower borrowing costs for much needed economic development projects including public infrastructure development.
Additionally, Union County will receive $4,816,000 in Recovery Zone Facility Bonds, which are a type of traditional tax-exempt private activity bond that may be used by private businesses to finance a broad range of capital projects in the county.
Resources from the stimulus package are continuing to help local communities across South Dakota. Funding has already been distributed to local housing commissions, to cities and towns to continue the Edward Byrne Memorial Justice Assistance Grant Program, weatherization and local health services. Additional resources from the legislation will continue to be distributed in the weeks and months ahead.
The stimulus package signed by President Obama focused on tax cuts for the middle class, infrastructure investments and job creation. This funding is a prime example of the kind of resources the legislation provides to help improve communities while advancing South Dakota’s economy.
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For more information on Senator Tim Johnson visit his website at http://johnson.senate.gov. To contact Senator Johnson’s communications office via e-mail, write his Communications Director at Julianne_Fisher@Johnson.Senate.gov
