Treasury releases $1B in tribal bond authority
The Department of Treasury announced $1 billion in tribal tax-exempt bonding authority under the American Recovery and Reinvestment Act of 2009.

A total of 58 tribes can issue tax-exempt bonds for a wide range of projects. "Because of the Tribal Bonds announced today, communities will now have access to lower cost borrowing to build schools, hospitals, roads, and other projects that will create jobs and bring economic recovery to Indian Country," Deputy Secretary Neal Wolin said at the Indian Pueblo Cultural Center in New Mexico.

Examples include: $6.5 million for the Crow Tribe of Montana for a commercial facility and land acquisition; $8.3 million for Acoma Pueblo in New Mexico for a manufacturing facility; and $13.6 million for the Santee Sioux Tribe of Nebraska for a health facility. A number of tribes were allocated $22.565 million, which appears to be the maximum in authority.

The ARRA authorized $2 billion in tribal bond authority. Applications for the second round of $1 billion are due January 2, 2010.

Get the Story:
Press Release: Treasury, Governor Richardson Announce $1 Billion in Recovery Act Bond Authority for Tribal Communities (Treasury 9/15)
Treasury Provides $1B Bond Authority To Tribal Governments (Dow Jones Newswires 9/15)
Tribal communities get $1B in bond authority (New Mexico Business Weekly 9/15)
Tribal communities get $1B in bond authority (Business News Forum 9/15)
Lummi Nation gets federal bond assistance (The Bellingham Herald 9/15)
Pueblos Have Plans for Stimulus Funds (The Albuquerque Journal 9/16)
Ute tribes to split $45M (The Durango Herald 9/16)
Stimulus to help tribe build complex for Rockies, Diamondbacks (The Phoenix Business Journal 9/16)

American Recovery and Reinvestment Act:
H.R.1 | S.1

Related Stories:
Tribes can apply for $2B in tax-exempt bonds (06/24)