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Wisconsin Business Council celebrates passage of Recovery Zone bonds bill

The Wisconsin Business Council on Thursday congratulated the state Legislature for taking quick action on a bill to improve access to federal Recovery Zone bonds.

The Senate and Assembly on Thursday both approved a measure to waive federal bond limits allocated to cities and counties and allow the Wisconsin Department of Commerce to redistribute lending limits based on actual projects that need funding.

If signed into law, Commerce will be able to pool the $238 million in bonding authority the state received following the 2008 floods and authorize communities to lend specific amounts based on need.

In a press release, the business council called the action an important step forward to cut through federal red tape and put federal stimulus funds to work.

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