June 12, 2009
Washington, D.C.—Nevada Senator Harry Reid announced today that $225 million in bond authority has been made available for eight counties in northern and rural Nevada through the economic recovery package. These Recovery Zone Bonds are targeted to areas suffering from significant job loss and are designed to help local governments obtain financing for economic development projects that will create jobs and help revive our economy.
Recovery Zone Economic Development Bonds are used to finance a broad range of economic development projects such as job training and educational programs. Recovery Zone Facility Bonds are a type of traditional tax-exempt bonds that may be used by private businesses in designated recovery zones to finance a wide range of capital projects.
“This funding will go a long way toward helping these counties turn things around,” Reid said. “Our state is facing unprecedented job loss which is forcing local and county governments to put economic development and critical infrastructure projects on the back burner. With this bond authority, communities in Carson, Reno, Douglas, Esmeralda, Humboldt, Nye, Storey and Washoe counties will be able to get the financing they need to move forward on these projects and put Nevadans back to work.”
The allocations for each type of Recovery Zone Bond are: | Area | Economic Development Bond | Facility Bond | | Carson City | $243,000 | $365,000 | | Douglas County | $1,572,000 | $2,358,000 | | Esmeralda County | $324,000 | $486,000 | | Humboldt County | $1,167,000 | $1,750,000 | | Nye County | $2,301,000 | $3,452,000 | | Reno | $43,736,000 | $65,604,000 | | Story County | $891,000 | $1,337,000 | | Washoe County | $39,766,000 | $59,648,000 |
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