During his visit to Kalamazoo last week to commemorate the 2,000th Recovery Act project, Vice-President Biden announced that Michigan would be receiving $2 billion in Recovery Zone bonds.  Similar to the Build America Bond program, these bonds are meant to assist local and state governments obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects.  More information on the program will be made available as soon as it is received.  Keep up to date through the League's "Inside 208" blog and Economic Stimulus webpage.

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