Indian Law & Gaming

On June 22, 2009, the Office of Management and Budget (OMB) issued guidance on the reporting requirements for recipients of federal funds under the American Recovery and Reinvestment Act of 2009 (ARRA).  This guidance provides important information for any company, nonprofit organization, state or local government, or Indian tribe that has applied or is considering applying for federal grants or loans under ARRA.

The so-called "Stimulus Bill," or American Recovery and Reinvestment Act of 2009, signed by President Obama on February 17, 2009 (the "Act"), greatly expands the options available for state and local government financing, both by adding to the available categories of tax-exempt bonds, and by creating new and expanded categories of tax-credit bonds, including the new "Build America Bond" provisions.  In addition, the Act adopts other measures intended to increase the market for traditional state and local bonds in the current economy.