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FRIDAY, OCTOBER 5, 2001

The Mohegan Tribe on Thursday offered $76.3 million in tax-exempt bonds for projects on and off its Connecticut reservation.

Like previous bond sales involving the tribe's casino, the offering sold out immediately. Yesterday was the first offering for tribal government projects, however.

Buyers now have a stake in a $29.8 million sewer project, a $14 million elderly housing unit and $7.5 million for public safety headquarters. Interest rates on the 30-year bonds vary between 5.50 percent to 6.25 percent.

Under the Indian Tribal Government Tax Status Act of 1982, tribes are considered like states or local governments for tax-exempt bond financing.

Get the Story:
Tribe’s tax-exempt bonds sell out instantly (The New London Day 10/5)
Tribe issues bonds to pay for municipal projects (The Norwich Bulletin 10/5)