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Home In Wood County - Recovery zone to be designated
In Wood County - Recovery zone to be designated
Written by Press Staff Writer   
Friday, 18 September 2009 09:06

The Wood County commissioners have scheduled a special meeting Sept. 21 to adopt a resolution designating the entire county as a recovery zone, making municipalities, townships, and other jurisdictions eligible for bonds authorized by the American Recovery and Reinvestment Act.

The meeting will be at 10 a.m. in the county courthouse atrium.

By designating the county as a recovery zone, the towns will have access to $8.83 million in Recovery Zone Economic Development Bonds and private entities will have access to $13.25 million in Recovery Zone Facility Bonds.

The recovery act includes a total of $25 billion allocated for the bond issues: $15 billion for the facility bonds and $10 billion for the economic development bonds.

In all, Ohio’s allocation for the facility bonds is $634 million and $422.6 million for the economic development bonds.

According to U.S. Treasury guidelines, the economic development bonds allows state and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a wide range of projects, including job training and educational programs.

The facility bonds are more of a traditional tax-exempt private activity bond that may be used by businesses to finance depreciable capital projects.

Allocations of recovery zone bond funding in other local counties are:
• Ottawa County - $2.71 million in economic development bonds; $4 million in facility bonds.
• Sandusky County - $1.4 million in economic development bonds; $2.1 million in facility bonds.
• Lucas County (exclusive of Toledo) - $10.1 million in economic development bonds; $15.2 million in facility bonds.
• City of Toledo - $17.9 million in economic development bonds; $26.9 million in facility bonds.

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By: Press Staff Writer

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