Sonora, CA — Tuolumne County Administrative Officer Craig Pedro today defined the American Recovery and Rehabilitation Funds that could find a home in the Mother Lode.
There are two funds the county would like to take advantage of given the money is basically leftover from large metropolitan markets that did not make use of the program.
The first is $10 billion for Recovery Zone Economic Development Bonds. This money can be used by government agencies for water, sewer and road projects. This would be a low interest loan.
The second fund totals $15 billion and is entitled Recovery Zone Facility Bonds. This can be used by both the public and private sector for infrastructure building and equipment. Not unlike the first pool, this would also be a low interest loan.
By a unanimous supervisorial vote Tuolumne County will now apply for the funding by designating itself as a “recovery zone.”
Pedro credit Economic Development Authority Director Larry Cope for unearthing the potential income for the county. Supervisor Dick Pland seconded that praise.
No word on the county’s application is expected prior to the first of the year.
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