WASHINGTON – The Department of Treasury has announced $1 billion in stimulus bonding authority to 76 tribes.

“Through tribal bonds, communities across Indian country can access lower cost borrowing to help finance economic development projects that create jobs,” said Deputy Treasury Secretary Neal Wolin.

This is the second round of funding under the program, which was part of last year’s Recovery Act. The first round, announced in September, awarded $1 billion to 58 tribes.

The bonds may be issued by tribes either as traditional tax exempt bonds or as Build America Bonds if they meet the additional program eligibility rules for Build America Bonds, in each case realizing lower borrowing costs for tribal communities.

For tribes that choose to use the bonds under the Build America Bonds program, Treasury will make a direct payment to the issuer in an amount equal to 35 percent of the interest payment on the bond.

Treasury said the Pueblo of Acoma in New Mexico is using nearly $7 million in Tribal Economic Development Bonds to develop and construct a wind farm power project including an electrical collector system and tie-ins with existing utility systems.

A the list of tribes receiving Recovery Act bond authority is online.