Perspective
Apr. 16, 2010
Bonds Fail to Deliver Economic Punch
Michael Kiely and Claudia Gutierrez of Sheppard Mullin say Recovery Zone Facility Bonds may not provide the economic stimulus local agencies had hoped.
On Feb. 17, 2009, President Barack Obama signed into law the $787 billion stimulus bill, The American Recovery and Reinvestment Act of 2009 (ARRA). As part of ARRA, Recovery Zone Facility Bonds were introduced as a groundbreaking type of tax-exempt private activity bond that would tremendously increase financing opportunities for private development projects that have historically not qualified for tax-exempt financi...
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