Recovery Act Program Helps Write Down Bond Interest

Recovery Act funds are being used to help local governments write down interest costs associated with bonding for capital projects.  The "Build America Bond" program provides a direct subsidy of up to 35% of interest costs in order to enable local governments to pursue necessary capital projects, such as work on public buildings, courthouses, schools, roads, transportation infrastructure, government hospitals, public safety facilities and equipment, water and sewer projects, environmental projects, energy projects, governmental housing projects and public utilities.