Recovery Zone and Energy Conservation Bond Allocations Announced
The ARRA contains a number of new and expanded bond allocations for States and local governments targeted to K-12 school construction, alternative energy, and distressed communities. The Department of Education, the Georgia Environmental Facilities Authority, and the Department of Community Affairs will be leading the State’s effort to maximize the utilization of these allocations in
GSFIC recently announced 3 bond allocations and the application process for local governments. In accordance with formulas established in the ARRA, Recovery Zone allocations were recognized for 111 Georgia local governments and allocations for Qualified Energy Conservation Bonds were made to 24 local governments.
Please see the recovery zone and energy bonds links for more information about what the allocation means to local governments and how to apply for allocation.
Pursuant to HB 581, the Georgia State Financing and Investment Commission (GSFIC) will receive recommendations from these agencies and provide final state approval of any reallocations of issuance authority pursuant to waived allocations.
The ARRA also introduces Build America Bonds which provide an option for governmental issuers to receive a direct interest rate subsidy when issuing taxable bonds for governmental purposes. Build America Bonds issued by
Local governments should work with bond counsel to determine the governmental entity or conduit issuer best suited to issue the specific category of bond.
For IRS regulations governing these bond programs and their allocation, see www.irs.gov/taxexemptbond/.
For maturity and tax credit rates set by the US Treasury, see www.treasurydirect.gov.
Georgia Qualified Energy Conservation Bond Allocations
Georgia Recovery Zone Economic Development Bond and Recovery Zone Facility Bond Allocations