U.S. Senator Olympia J. Snowe and U.S. Senator Susan Collins today announced that Maine will be receiving a combined $225 million in Recovery Zone Bond funding. The funding will be distributed through the Department of Treasury.
Recovery Zone Bonds are distributed to areas particularly affected by job loss and will help local governments obtain financing for much needed economic development projects, such as public infrastructure development, at lower borrowing costs.
The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senators Snowe and Collins worked with a bipartisan group of senators to craft the legislation that became law in February.
“At a time when state and local budgets have been scaled back and local services cut, this bond funding will provide our state and local governments with the financing they need. This financing will help improve our communities and get Mainers back to work,” said Senators Snowe and Collins in a joint statement.
The funding will be distributed as follows:
Economic Development Bond Facility Bond
Androscoggin County 14,870,000 22,305,000
Aroostook County 857,000 1,286,000
Cumberland County 26,116,000 39,174,000
Franklin County 1,153,000 1,730,000
Hancock County 1,496,000 2,245,000
Kennebec County 2,307,000 3,460,000
Knox County 1,161,000 1,742,000
Lincoln County 187,000 281,000
Oxford County 7,077,000 10,615,000
Penobscot County 13,514,000 20,271,000
Piscataquis Count 585,000 877,000
Sagadahoc County 1,138,000 1,707,000
Somerset County 3,601,000 5,401,000
Waldo County 1,411,000 2,116,000
Washington County 623,000 935,000
York County 13,904,000 20,855,000
Total $225,000,000 $90,000,000 $135,000,000