The availability of low-interest bonds for local governments and businesses will be explained at the La Salle County Board room at a 4 p.m. meeting Tuesday, Sept. 8.

The available $7 million for governments and $10 million for businesses are the county's share of a $25 billion program that is part of the Obama administration's stimulus program, officially known as the American Recovery and Reinvestment Act of 2009.

"This sounds like a good deal for La Salle County," said Board Chairman Jerry Hicks, D-Marseilles.

The $7 million in Recovery Zone Economic Bonds will help local governments get low-interest financing for infrastructure improvements such as water and sewer lines, roads and buildings.

All local governments, including townships and school districts, will qualify, said Hicks.

The $10 million in Recovery Zone Facility Bonds will provide tax-exempt financing for projects such as hotels, distribution centers and manufacturing buildings.

"It doesn't have to be a large corporation. It can be a local company that may have something it wants to get going."

Hicks said the meeting is expected to run 90 minutes. It will include a question-and-answer session by representatives of the presenter, IceMiller, a law firm with offices in Chicago, which stands to collect fees associated with bond issues.

The programs have already been set up in DuPage, Cook, McHenry, Rock Island, Kankakee, Stephenson and Lake counties.

Hicks said as in other counties, La Salle County will not actually issue the bonds, but serve as a "pass-through" agency.

Hicks could not cite the exact bond interest rate, but the program calls for it to be lower than traditional tax-free financing.

"I haven't gotten the answers about everything yet. I'll be at the meeting to learn, too."

The bond allocations amounts are calculated by factors such as the county's unemployment rates and home foreclosure rates.

"Obviously, the amounts we are talking about are only going to go so far. And, not every government or business may not be ready with a project or have the wherewithall to comply with the terms of the program. There may have to be some picking and choosing."

But, there is the possibility of additional bonding power later, Hicks said.

"The sweet thing is there may be some counties out there that are not going to take advantage of this program. If so, their allocated money will get dumped back into the pool and potentially we could request some additional dollars."

The County Board is scheduled to act on the program at its meeting Monday, Sept. 14.