The Secretary shall allocate the national recovery zone economic development bond limitation and the national recovery zone facility bond limitation among the States in the proportion that each such State's 2008 State employment decline bears to the aggregate of the 2008 State employment declines for all of the States.
The Secretary shall adjust the allocations under subparagraph (A) for any calendar year for each State to the extent necessary to ensure that no State receives less than 0.9 percent of the national recovery zone economic development bond limitation and 0.9 percent of the national recovery zone facility bond limitation.
For purposes of this subsection, the term "2008 State employment decline" means, with respect to any State, the excess (if any) of—
(A) the number of individuals employed in such State determined for December 2007, over
(B) the number of individuals employed in such State determined for December 2008.
Each State with respect to which an allocation is made under paragraph (1) shall reallocate such allocation among the counties and large municipalities in such State in the proportion to 1 each such county's or municipality's 2008 employment decline bears to the aggregate of the 2008 employment declines for all the counties and municipalities in such State. A county or municipality may waive any portion of an allocation made under this subparagraph.
For purposes of subparagraph (A), the term "large municipality" means a municipality with a population of more than 100,000.
For purposes of this paragraph, the employment decline of any municipality or county shall be determined in the same manner as determining the State employment decline under paragraph (2), except that in the case of a municipality any portion of which is in a county, such portion shall be treated as part of such municipality and not part of such county.
There is a national recovery zone economic development bond limitation of $10,000,000,000.
There is a national recovery zone facility bond limitation of $15,000,000,000.
For purposes of this part, the term "recovery zone" means—
(1) any area designated by the issuer as having significant poverty, unemployment, rate of home foreclosures, or general distress,
(2) any area designated by the issuer as economically distressed by reason of the closure or realignment of a military installation pursuant to the Defense Base Closure and Realignment Act of 1990, and
(3) any area for which a designation as an empowerment zone or renewal community is in effect.
(Added Pub. L. 111–5, div. B, title I, §1401(a), Feb. 17, 2009, 123 Stat. 348.)
Sections: Previous 1400N 1400O 1400P 1400Q 1400R 1400S 1400T 1400U-1 1400U-2 1400U-3 1401 1402 1403 1411 1441 Next
Last modified: October 26, 2015