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9A Page 5 codes and zoning laws, streamlined local permit processes, reduced taxes and{icensirtg,and increased and consistent secondary material feedstock supply. The RDMZ 2009 Web site Includes varfous resources including the application, instructions and a question and answer sec#ion.http:/lwww.ciwmb.ca.qov/rmdzlDesiAnation/default.htm Although the offrcial applicatEOn period doesr�'t start ur�tif J�cly �,the app(ication and supporting materiafs were released early to ensure that applicants have enough time to complete the C�lifornia Environmentai Quatlty Act review process before the application deadline. lnterested applicants are strongly encouraged#o begin th�s process as soon as possible. Regulations require that applican#s submit their RMDZ application to the board no later than 120 days after the designation cycle begins—Oc#.29 at 4 p.m. For more information or quesfi�ons regarding this program, please contact Mitch Delmage* RMDZ Designation Coordinator,a#(916}341-6290. Additiorta! ARRA Funding Opportunities for Cities The League has con�nued to update the°City Funding Book,"which was originaily publlshed in February to hlghlight fvnding oppor�unit�es for cities contained in the American Recovery and Reinvestment Act(ARRA}. The most recent update includes information on several add�tionaf programs that present . important opportunities for cities. The followi�g summarizes tt�ese additions.(For more information see the June 12 version of the"City Funding Boofc",available on the League Web site at www,cacities.org/federalstimulus.} New Finaneing{)ptions�Bonds and Tax-Credit:ARRA provides signi�icant new financing methods for sfiafie and local govemments by expan�ing the#ypes of projects that can be financed on a tax�exempt basis, creating severa! new ca�egories af tax-exempt and tax-credit bonds,and giving Issuers the temporary abiliiy to issue go�emmental obligations as either taxab(e tax-credit bonds or subs�dy bonds.ARRA aiso increases the tax benefits a�forded to banks and other holders of tax-exempt bonds.The majority of#hese provisions are temporary and only apply to obllgations issued in 20�9 and 2�10. The foflowing information summarizes key information on tt�e types of bonds available. Lacal agencies may be eligible to u#ilize all of these o�tions.Cities should consult with bond counsel to Iearn more about these options and their applicability to city projects. Build America Bonds(BABs):These are"faxable"bonds that ean be issued by the city.The city however can chose to: • Direct a federal in#erest subsidy to the issuer equal#0 35 percent of#he interest payable on the BAB(subsidy BABs);or • Ele�t to au#horize a federa!tax credit to bondholders equal to 35 percent of each interes# payment payable on each interest payment dafe(credi#BABs). Recovery Zone Economic Devetopment Bonds 4RZEDBs): This bonding option is available ta cities with a population of over�00,000 and counties that have des�gnated a"recovery zone" within#heir jurisdic�ion. 6onds under this category may be issued by qualitjring cities and counties as"taxable." In contrast#o the BAB subsidy or credi#of 35 percent, RZEDBs provide: • A direct federal subsidy to the isst�er equal ta 45 percent o#interest;or • A federal tax credit to bond hoiders equal to 45 percent of interest. • Issuers must be in controi of"recovery zone"designations. Recavery Zone Facility Bonds:ARRA creates a new#ax-exempt quafi�ed priva#e activity bond, known as Recovery Zone Facili#y Bonds�RZFBs),#o support trades or businesses in areas suffering from economic dis#ress, and provides$15 bilEion of authority for cour�ties and large cities 5