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~-3 3- <br />State <br />Recovery Zone Economic <br />Recovery Zone Facility Bond <br />Development Bond <br />Allocations (in dollars) <br />Allocations (in dollars) <br />American Samoa <br />90,000,000 <br />135,000,000 <br />Guam <br />90,000,000 <br />135,000,000 <br />Northern Marianas <br />90,000,000 <br />135,000,000 <br />Puerto Rico <br />92,757,000 <br />139,136,000 <br />US Virgin Islands <br />90,000,000 <br />135,000,000 <br />Total <br />10, 000, 000, 000 <br />15, 000, 000, 000 <br />.04. LOCAL SUBALLOCATIONS OF RECOVERY ZONE BOND VOLUME CAP <br />AMONG COUNTIES AND LARGE MUNICIPALITIES <br />The Treasury Department and the IRS recognize that the required local <br />suballocations of the national volume cap for Recovery Zone Bonds among counties <br />and large municipalities impose administrative burdens for the States and involve <br />mandatory local suballocations without State discretion. Accordingly, the Treasury <br />Department and the IRS undertook to determine these required local suballocations. <br />For purposes of these local suballocations among counties and large municipalities, <br />certain county-equivalent entities (including independent cities that are not otherwise <br />located within counties, parishes, boroughs, and similar entities) are treated as counties <br />in the same manner that the Bureau of Labor Statistics treats such entities as county- <br />equivalent entities in its employment data. This undertaking to provide local <br />suballocations is intended to facilitate prompt availability of Recovery Zone Bonds as a <br />source for State and local governmental borrowing at lower borrowing costs to promote <br />job creation and economic recovery in areas particularly affected by employment <br />declines. <br />Pursuant to § 14000-1(a)(3), the State volume caps of the $10 billion national <br />volume cap for Recovery Zone Economic Development Bonds and the $15 billion <br />18 <br />