Number
160687
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution allocating Qualified Energy Conservation Bonds to Milwaukee Public Schools.
Sections
Analysis
In 2009, as part of the American Recovery and Reinvestment Act stimulus programs, the City received an allocation of $6,276,756 for Qualified Energy Conservation Bonds (QECB) projects. Due to the limitations of the program, the City has not been able to use the program.
The State has a program that allows school districts to borrow for energy efficiency projects, with advantageous Revenue Cap treatment of the debt service costs. MPS would like to use the City’s QECB allocation to finance a portion of their $27 million of improvements.
This file would give the City’s QECB allocation to RACM for MPS to use in a RACM financing.
Body
Whereas in 2009 the City received an allocation of $6,276,756 (“Allocation”) of Qualified Energy Conservation Bonds (“QECB”) authority pursuant to a required reallocation of the State’s QECB allocation of $58,387,000 pursuant to IRS Notice 2009-29; and
Whereas, the City has not used any of the Allocation; and
Whereas, Milwaukee Public Schools (“MPS”) is pursing financing for $27 million of energy efficiency improvement related projects, some or all of which may qualify for the QECB program; and
Whereas, the City desires to make its Allocation available for use by MPS for energy efficiency related projects; and
Whereas, the Redevelopment Authority of the City of Milwaukee (“RACM”) and MPS anticipate cooperative efforts to authorize the issuance of RACM revenue bonds for the energy efficiency improvements;
Now, therefore be it Resolved by the Common Council of the City of Milwaukee that the City’s $6,276,756 allocation of Qualified Energy Conservation Bonds is given to the Redevelopment Authority of the City of Milwaukee for use in financings for Milwaukee Public Schools, provided that RACM/MPS uses the Allocation on or before Decem...
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