ABC - Michigan to Receive $2 Billion from Federal Bond Program

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MICHIGAN TO RECEIVE $2 BILLION FROM FEDERAL BOND PROGRAM (06/24/2009)

Vice President Joe Biden June 12 announced the allocation of $2 billion in bonds for Michigan communities to fix roads and infrastructure or help private developers create jobs.

Speaking in Kalamazoo, Mich., Biden said Michigan would receive more money per capita for local projects than any other state under the $25 billion national program. With about 8 percent of the funds being set aside for Michigan, some of the top 10 recipients in the nation include the city of Detroit and Wayne and Oakland counties.

Although it’s too early to name specific projects, portions of the funds can go toward public infrastructure improvements, while some could finance private factories, warehouses and other commercial projects.

In an effort to save communities millions of dollars in interest costs on the bonds, the U.S. Treasury will pay 45 percent of the interest.

Michigan is already receiving $7 billion in federal stimulus money, much of it committed to road repairs, schools and universities.

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