Arizona reactivated a bond program to help rural communities and tribal governments finance infrastructure projects. The Greater Arizona Development Authority (GADA), which had been dormant for nearly 10 years, began offering financial assistance this month, Gov. Katie Hobbs announced this week. “By reinvigorating this tool, we are providing an opportunity to leverage existing funds to invest in essential infrastructure all across Arizona,” she said in a statement. “This will support our focus on priority projects, such as transportation, clean energy, water supply, and workforce training facilities.” “By reinvigorating this tool, we are providing an opportunity to leverage existing funds to invest in essential infrastructure all across Arizona,” Gov. Katie Hobbs said.Arizona Governor’s Office Over the next year, financings could total $50 million to $100 million, according to Robin Romano, board president of the Arizona Finance Authority, which oversees GADA.”The revival of the GADA is a top priority,” she said in the statement.The bonds are repaid with dedicated project revenues or future local tax revenue. The relaunched authority, which set an Oct. 1 application deadline, said it can provide lower interest rates for borrowers due to its “strong” bond ratings and can cover up to 50% of closing costs. In May 2023, S&P Global Ratings upgraded the infrastructure reven …
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