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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 13, 2012.
Urban Recovery and Growth Act - Amends the Internal Revenue Code to authorize the issuance of economic development extension bonds for the purpose of economic development or refinancing the indebtedness of a city that has an average unemployment rate of not less than 150% of the national average in the preceding calendar year and that has lost at least 20% of its population between 2000 and 2010.
