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American Indian Tribes Get $1B in Stimulus Funds |
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Written by Administrator
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Friday, 12 February 2010 |
American Indian Tribes Get $1B in Stimulus Funds
76 American Indian tribes to share $1B in stimulus funds; second round of grants totaling $2B
By MATTHEW DALY Associated Press Writer
WASHINGTON February 11, 2010 (AP)
The Associated Press
Seventy-six American Indian tribes across the country will share $1 billion in economic stimulus money to help create jobs and revitalize Indian communities.
The money, announced Thursday, will allow tribes from California to Florida to issue low-interest bonds for projects such as health care centers, water plants and wind farms.
Deputy Treasury Secretary Neal Wolin said the tribes will be able to issue either traditional tax-exempt bonds or special Build America Bonds for designated projects. Build America Bonds are taxable but interest payments are subsidized. The bonds are intended to help states, local governments and tribes build schools, hospitals, roads and other infrastructure.
The money cannot be used for casinos or other gaming projects.
The bond authority announced Thursday is the second round of economic stimulus money awarded to Indian tribes. A total of 58 tribes received $1 billion in similar bond authority last fall.
The Pueblo of Acoma tribe in New Mexico will use about $7 million in tribal economic development bonds to develop a wind farm that is expected to produce about 15 megawatts of electricity from 10 wind turbines. The tribe is using $5 million from the first round of grants to build a steel production facility.
Chandler Sanchez, governor of the Pueblo of Acoma, said the tribe has been developing reservation lands in western New Mexico for many years as part of its effort to create jobs and gain economic independence.
"I am excited about the prospects of developing renewable energy technologies here at Acoma that are made attainable" through the Treasury's bond initiative, Sanchez said in a statement.
Other projects include $30 million for the Navajo nation of Arizona, Utah and New Mexico for renewable energy and retail facilities; $30 million for the Ute tribe in Utah for housing; and $27.2 million for the Delaware Nation in Oklahoma for retail, industrial, housing and other projects.
http://abcnews.go.com/Business/wireStory?id=9810862 |
