The Imperial County Board of Supervisors unanimously approved a resolution Tuesday to make the county a Federal Recovery Zone, though it will still have to be sent to the state for approval.
A Federal Recovery Zone is an area
designated as having significant poverty, unemployment, rate of home
foreclosures or general distress, according to a letter from County
Executive Officer Ralph Cordova to the board. It can also be areas that
are economically stressed because of closed military installations or
an area designated as an “empowerment zone.”
More than $2 billion in funds was allocated to bonds in recovery zones, according to the letter.
Two types of bonds are available within a recovery zone, according to the letter. A Recovery Zone Facility Bond is a tax-exempt bond that can be used by private businesses and non-profits. A Recovery Zone Economic Development Bond allows state and local governments to finance a broad range of projects.
For more information read Wednesday's edition online or in print.
--Elizabeth Varin, staff writer
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