Recovery Zone Economic Development Bonds (RZEDBs) are now available.  The American Recovery and Reinvestment Act of 2009 (ARRA) created these bonds to provide municipalities within the State with access to direct federal payment bonds on qualified economic development projects.  To apply for RZEDBS or any of the other ARRA bonds, please use the General Resolution application and process. These bonds will follow the same spring and fall bond issue schedule, however we will be reviewing applications on a first come first serve basis.

Items to keep in mind while reviewing ARRA Bonds: 
  - Davis-Bacon wages need to be met when using RZEDBs & QECBS.
  - During local authorization an additional 10% needs to be calculated to cover both the cost of the project (loan amount) and an additional 10% of the loan amount for a reasonably required reserve fund. This total dollar authorization amount of project cost plus 10% is true for RZED, QECB, and BABs.

Currently these funds are allocated by county and have limited funding levels.  Please submit your application as soon as possible to ensure a timely approval.

For additional information about these bonds and other various ARRA opportunities, click on the link provided below or contact your local counties office.  For more information about RZEDBs, contact Toni Reed, the General Resolution Program Officer, at the MMBB at 1-800-821-1113.

ARRA Provisions