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Resolution - 11/09 - Designating Recovery Zone
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Resolution - 11/09 - Designating Recovery Zone
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2009 -4 <br />LEE COUNTY <br />0 (D09Q T QQ)O PO Q <br />Committed Today for a Better Tomorrow <br />RESOLUTION DESIGNATING RECOVERY ZONE <br />WHEREAS, the American Recovery and Reinvestment Act of 2009 modifies the Internal Revenue Code of 1986, <br />as amended (the "Code ") to authorize, among others, two new types of bonds entitled 'recovery zone economic <br />development bonds" and 'recovery zone facility bonds," and <br />WHEREAS, 'recovery zone economic development bonds are a subcategory of taxable build American bonds (as <br />defined in section 54AA(d) of the Code), issued under provisions of ARRA that have been codified as Section <br />14000 -2 of the Code, the proceeds of which are to be used for qualified economic development purposes in a <br />recovery zone; and <br />WHEREAS, qualified economic development purpose include expenditures for the purpose of promoting <br />development or other economic activity in a recovery zone, including capital expenditures for property located in <br />the zone or expenditures for public infrastructure and construction of public facilities in the zone; and <br />WHEREAS, ARRA also authorizes a new type of federally tax exempt private activity bonds entitled 'recovery <br />zone facility bonds" in Section 14000 -1 and 14000 -3 of the code to finance construction, renovation, or <br />acquisition of depreciable property by a private taxpayer of a qualified business in a recovery zone, with "qualified <br />business" defined to include any trade or business other than residential rental property and certain prohibited <br />• uses outlined in the Code; <br />WHEREAS, sections 1440U -2 through 14000 -3 of the Code, and related Notice 2009 -50 issued by the U.S. <br />Treasury Department (collectively, the "Recovery Zone Act") define a recovery zone as any area designated by <br />the County as an area of significant poverty, unemployment, rate of home foreclosure, or general distress; <br />WHEREAS, the County has determined that Lee County has experienced significant unemployment and general <br />distress due to the dramatic rise in the unemployment rate; <br />WHEREAS, the County has determined that it is in the best interest of the County and its citizens to designate the <br />entire County as a 'recovery zone" for purposes of the Recovery Zone Act; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of Lee, that: <br />1. The County hereby finds that there is significant unemployment and general distress in Lee <br />County and therefore hereby designates Lee County as a recovery zone for purposes of the <br />Recovery Zone Act. <br />2. The officers of the county are hereby authorized and directed to take all actions as may be <br />required in furtherance of the designation of the recovery zone. <br />Adopted this 2 nd day of November 2009. <br />Richard B. Hayes, Chair <br />ATTEST: Lee County Board of Commissioners <br />0 aop C <br />4 GaeWM. Lee, Clerk <br />
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