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Home / Government / Tribes get $1 billion in stimulus money (4:21 p.m. 2/12/10)

Tribes get $1 billion in stimulus money (4:21 p.m. 2/12/10)

Washington (AP) — Seventy-six American Indian tribes across the country will share $1 billion in economic stimulus money to help create jobs and revitalize Indian communities.

The money will allow tribes from California to Florida to issue low-interest bonds for projects such as healthcare centers, water plants and wind farms.

Deputy Treasury Secretary Neal Wolin said the tribes will be able to issue either traditional tax-exempt bonds or special Build America Bonds for designated projects. Build America Bonds are taxable but interest payments are subsidized.

The bonds are intended to help states, local governments and tribes build schools, hospitals, roads and other infrastructure.

The money cannot be used for casinos or other gaming projects.

The bond authority is the second round of economic stimulus money awarded to Indian tribes. A total of 58 tribes received $1 billion in similar bond authority last fall.

Projects include $30 million for the Navajo nation of Arizona, Utah and New Mexico for renewable energy and retail facilities; $30 million for the Ute tribe in Utah for housing; and $27.2 million for the Delaware Nation in Oklahoma for retail, industrial, housing and other projects.

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