Washington, DC - Congressman Heath Shuler (D-Waynesville) announced today that another $8.8 million in federal funds had been transferred to an account held for Swain County. The money is part of a $52 million settlement between Swain County and the United States Department of Interior in lieu of the federal government’s construction of the North Shore Road. A total of $12.8 million in federal money has now been deposited into the account, which is managed by the North Carolina Department of the State Treasurer. Interest generated from these funds can be distributed to Swain County as directed by the County Board of Commissioners.
“This second payment takes the U.S. Government significantly closer to honoring their full commitment of $52 million to Swain County,” said Rep. Shuler. “The interest that these funds are beginning to generate will start to create meaningful change for the people of the County.”
“I want to thank our local, state and federal partners, especially Congressman Shuler, who are working together for Swain County,” said Governor Bev Perdue. “These funds will play an important role in supporting development, creating jobs, providing critical services and infrastructure, while improving the quality of life in Swain County.” Luke D. Hyde, Member of the Board of Friends of the Great Smoky Mountains National Park and the Board of the National Parks Conservation Association said, “The government's cash settlement will benefit all of the people of Swain County - both those who supported the settlement and those who opposed it.”
“While there is work remaining to be done, we now have a singular optimistic approach that offers more promise with each passing day. Thanks to everyone working on this but most especially Representative Heath Shuler and his staff,” said Leonard Winchester, Chair of Citizens for the Economic Future of Swain County.
Rep. Shuler is advocating for the quickest possible transfer of the funds to a long-term investment account. He said, “I am very grateful for the work being done by the Governor and the State Treasurer to make sure that these funds are swiftly transferred to a long-term investment account that will provide more security and higher yields for the County.” Once transferred to a higher-yielding, long-term account, the funds could generate roughly 5 to 7% interest annually for the County.
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