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Build America Bonds Program at work in Arizona
The U.S. Department of Treasury has a program called the Build America Bonds program  which provides funding for state and local governments at lower borrowing costs for community projects projects such as construction of schools and hospitals, development of transportation infrastructure, and water and sewer upgrades.
This program improves the conditions for an economic recovery and address challenges facing state and local governments.  The Build America Bonds program will help states and local governments finance building.  The Build America Bonds program supports the construction of schools, hospitals, roads, and environmental projects, and helping communities build a foundation for a stronger economic future.
Under the program, the Treasury makes a direct payment to the state or local governmental issuer in an amount equal to 35 percent of the interest payment on the bond.  These bonds are designed to appeal to a broader set of investors than traditional tax-exempt bonds.  Potential investors include pension funds that traditionally do not hold tax exempt bonds and foreign investors.  These investors have been important additions to the market for municipal debt.
Early market reception for Build America Bonds has been very positive. Since the program was launched on April 3, 2009:
There has been $17.4 billion in Build ... more

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