Here is a stimulus program which officials in Boone County know nothing about. I previously report this on June 10, 2009 at: http://boonecountywatchdog.blogspot.com/2009/06/northwest-herald-recovery-bonds-clear.html I talked to numerous Boone County board members and still no one knows the details. Well maybe taxpayers in McHenry County get something for their high taxes—elected officials with knowledge of the stimulus plan.
– The village of Cary is set to receive $5 million of McHenry County Board economic stimulus bonding power to repave and repair its roads.
The federal government has given the County Board up to $45.8 million in bonding authority to jump-start “shovel-ready” government and private projects.
The federally-backed bonds do not count against the county’s debt limit or leave the county liable if a borrower defaults.
Investors who buy the bonds are entitled to receive a 45 percent refund of the federal taxes payable on them
Illinois received $1.67 billion in bonding authority under the Act, which was divided among all 102 counties and six cities. McHenry County received the sixth largest piece, behind Chicago and Cook, DuPage, Lake and Will counties.
Click on the following for more details: Northwest Herald | Cary road bonds move forward
No comments:
Post a Comment