Jackson county is turning over about $23.5 million in federal bonds back to the state because it was unable to use all the funding, reports the Jackson Citizen Patriot.
The bonds were authorized as part of the American Recovery and Reinvestment Act (ARRA) — commonly referred to as the stimulus bill — in a program called The Recovery Zone Bond Program. The money was to be used by public agencies for economic development or public works programs.
The county originally appropriated $7.4 million in bonds for the Jackson Public Schools. The system ended only requiring $1.6 million. Blackman Township was authorized for $3.4 million in bonds to purchase a 28 acre parcel of land for economic development.
In addition, the county $17.2 million in tax exempt facility bonds available for local businesses to use in creating jobs. No companies applied for or received those funds.