issues Industrial Revenue Bonds (IRB) to finance new manufacturing facilities and facility expansions in Macon County. IRBs (also known as Industrial Development Bonds, IDBs or qualified small issue bonds) are vehicles that can finance real property and machinery/equipment. IRBs can be tax-exempt (bondholders pay no federal or state taxes on bond income) or taxable (bondholders must pay federal taxes on bond income). Both can deliver a lower interest rate and more favorable terms than conventional financing. Fees and special regulations are applicable. A minimum bond of $1.5 million is recommended to be cost effective. Job creation is required (1 job per $250,000 IRB).
