WASHINGTON, Nov. 5 (UPI) -- The U.S. Treasury Department said its "Build America" bonds had surpassed the $150 billion mark by the end of October.
The bond program was launched April 3, 2009. Since then, there have been 1,912 separate issues of Build America bonds by local or state governments, Treasury said.
The program created by the American Recovery and Reinvestment Act provides for the Treasury to state or local governments directly 35 percent of the interest payment on the bonds sold.
"In the beginning, Build America Bonds helped fill a critical hole in the municipal finance market left by the financial crisis," Alan Krueger, assistant secretary for economic policy and Treasury Department chief economist in a statement, said in a statement.
"Now, Build America Bonds have become an important source of financing to help state and local governments undertake much-needed infrastructure projects."