Northwest Herald | Recovery bonds clear committee hurdle

I don’t know if this is a good or bad program—but where is Boone County’s application for this part of the Recovery Act?

The new bonds authorized in the massive $789 billion American Reinvestment and Recovery Act will allow the county to issue bonds for capital projects for itself and the county’s municipalities, or economic development facility bonds for businesses that want to locate in the county or expand.

But the county first must designate itself as a “recovery zone” to be allowed to allocate the funds, said chairman Marc Munaretto, R-Algonquin.

Investors are entitled to receive a 45 percent refund of the federal taxes payable on them

Internal Revenue Service still is working out the formula to determine how much each recovery zone will get

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