Archive for Friday, February 12, 2010

American Indian tribes get $1B from stimulus

February 12, 2010

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— Seventy-six American Indian tribes across the country will share $1 billion in economic stimulus money to help create jobs and revitalize Indian communities.

The money, announced Thursday, will allow tribes from California to Florida to issue low-interest bonds for projects such as health care centers, water plants and wind farms.

Deputy Treasury Secretary Neal Wolin said the tribes will be able to issue either traditional tax-exempt bonds or special Build America Bonds for designated projects. Build America Bonds are taxable but interest payments are subsidized. The bonds are intended to help states, local governments and tribes build schools, hospitals, roads and other infrastructure.

The money cannot be used for casinos or other gaming projects.

The bond authority announced Thursday is the second round of economic stimulus money awarded to Indian tribes. A total of 58 tribes received $1 billion in similar bond authority last fall.

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