Sixteen Tribes Earn Bonding Authority for Renewable Energy Facilities
February 17, 2010
The U.S. Department of Treasury announced on February 11 it has allocated $1 billion in Tribal Economic Development Bonds to 76 tribes under the American Recovery and Reinvestment Act. The allocation allows the tribes to issue low-interest bonds to finance a variety of projects, including renewable energy projects and manufacturing facilities. Of the total, more than $250 million in bonding authority is allocated to 16 tribes, located in seven states, that intend to use at least a portion of their bonding authority to finance renewable energy projects. At least $86 million of that total will finance renewable energy facilities, including nearly $11 million for a renewable energy manufacturing facility on the tribal lands of the Agua Caliente Band of Cahuilla Indians, located in southern California. Another example is the Pueblo of Acoma, located in New Mexico, which intends to issue nearly $7 million in Tribal Economic Development Bonds to develop and construct a 15-megawatt wind farm.
Other tribes that have been allocated bonding authority for renewable energy facilities include the Campo Band of Diegueno Mission Indians (also known as the Campo Kumeyaay Nation), the Cher-Ae Heights Indian Community of the Trinidad Rancheria, the Fort Bidwell Indian Community Council, the Mesa Grande Band of Diegueno Mission Indians, the Morongo Band of Cahuilla Mission Indians, and the Round Valley Indian Tribes, all located in California. Additional tribes include the Fort Peck Assiniboine and Sioux Tribes, located in Montana; the Kaw Nation and the Otoe-Missouria Tribe of Indians, both located in Oklahoma; the Yankton Sioux Tribe, located in South Dakota; the Confederated Tribes of the Goshute Reservation, located in Utah; and the Navajo Nation, which spans parts of Arizona, New Mexico, and Utah. This is the second round of Tribal Bonds authorized by the Recovery Act. The first round, announced on September 15, 2009, awarded $1 billion to 58 tribes, but none of those bonds were designated for renewable energy facilities. See the Treasury press release and the complete list of awardees (PDF 11 KB). Download Adobe Reader.