Dalton Building Authority – Recovery Zone Economic Development Bonds

On April 29, 2010, the Dalton Building Authority issued $5,600,000 of Recovery Zone Economic Development Bonds (RZEDBs) on behalf of the City of Dalton, Georgia for the construction of a new community center and renovations to recreation facilities in the City.  Gray & Pannell acted as bond counsel to the Authority on the issue.  The RZEDB allocation was made to Whitfield County as a part of the American Recovery and Reinvestment Act of 2009 passed by Congress in February of 2009.  With the assistance of Gray & Pannell, Whitfield County transferred a portion of its RZEDB allocation to the Authority and the City to finance the City’s projects at a much lower interest rate than traditional tax-exempt bonds.