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June 12, 2009

State awarded $225M in bonds

By The Mainebiz News Staff

Maine will receive $225 million in bond funding to help areas hit hardest by job losses obtain financing for economic development projects at favorable rates.

The funding, which comes from the American Recovery and Reinvestment Act, will be distributed by the treasury department to local governments to help pay for projects such as public infrastructure development, U.S. Sens. Olympia Snowe and Susan Collins announced in a press release. "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," the senators said in the joint statement.

The funding will be distributed by county, with Cumberland County receiving the largest chunk at a combined $65.3 million.

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