What’s a Gulf Coast Recovery Bond?
Thursday, March 30th, 2006
Categorized as: Savings Bond history • Series I US Savings Bonds
Paper Series I bonds purchased through the end of 2006 from financial institutions (rather than through Payroll Savings Plans) will be inscribed with the words Gulf Coast Recovery Bond, according to a Treasury press release issued yesterday.
Treasury is designating Series I inflation-indexed savings bonds purchased through financial institutions as “Gulf Coast Recovery Bonds” to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning, today, March 29, through December 2006 paper Series I saving bonds will be specially inscribed with the legend “Gulf Coast Recovery Bond.”
The Gulf Opportunity Zone Act of 2005 contained a provision sponsored by Rep. Hal Rogers of Kentucky encouraging Treasury to make this designation. “We’ve seen an amazing outpouring of generosity from all across the nation to our fellow citizens affected by the storms,” said Treasury Secretary John W. Snow. “The Gulf Coast Recovery Bond designation symbolizes the efforts of our nation’s citizens and their government to rebuild communities along the Gulf coast.”