Southern California Tribes Get Big Chunk Of Stimulus Money
WASHINGTON -Seventy-six American Indian tribes across the country will share $1 billion in economic stimulus money to help create jobs and revitalize Indian communities.
The money, announced Thursday, will allow tribes from California to Florida to issue tax-exempt bonds for projects such as healthcare centers, water plants and wind farms.
Deputy Treasury Secretary Neal Wolin said the tribes will be able to issue either traditional tax-exempt bonds or special Build America Bonds for designated projects. In each case, he says tribes will benefit from lower borrowing costs.
Locally, The Agua Caliente Band of Cahuilla Indians in Palm Springs will get $10,934,616.39 to build a manufacturing facility.
The Cabazon Band of Mission Indians will get $30 million in refinancing.
The Morongo Band of Cahuilla Indians will receive $16,766,411.79 to cultivate retail, renewable energy and water infrastructure facilities.
The Torres Martinez Desert Cahuilla Indian Tribe will get $2,770,102.80 to help with governmental facilities.
The bond authority is the second round of economic stimulus money awarded to Indian tribes. Nearly five dozen tribes received $1 billion in bond authority last fall.
