DALLAS - A year after Hurricane Ike slammed into the Gulf Coast, Galveston County, Tex., is in the market this week with three tranches of general obligation debt worth about $135 million to continue the rebuilding process.

The county will take advantage of the federal subsidy provided through the Build America Bonds program, with most of the bonds expected to be issued as direct-pay BABs. Issuers of BABs, which were introduced earlier this year as part of the federal stimulus package, can receive a 35% subsidy from the Treasury Department on their interest costs.

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