Recovery: ARRA Bond Programs

Recovery Zone Economic Development Bonding Program: As part of the federal government’s economic stimulus efforts, Connecticut is receiving authorization to issue up to $90 million in bonds through the Federal American Recovery and Reinvestment Act of 2009 (ARRA) for shovel-ready governmental purpose construction projects within “Recovery Zones” to be designated throughout the state. The $90M allocated to the state is divided between the five major cities and eight counties in both 2009 and 2010. The issuer receives a 45% direct pay interest subsidy on the taxable bonds which must be used for a “Qualified Economic Purpose”.
Visit the Connecticut Development Authority's website for more details.