Committee backs use of up to $3.5 million in federal energy credit proceeds for city revolving loan fund
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Summary
The Budget and Finance Committee advanced a grant ordinance authorizing acceptance and appropriation of up to $3.5 million in federal energy credit proceeds to replenish the city's revolving energy loan fund for future energy projects.
The Budget and Finance Committee put on for passage a grant ordinance that would allow the city to accept and appropriate up to $3.5 million in federal energy credit proceeds for the revolving energy loan fund.
City staff said the funds would be deposited into the revolving fund and used to finance future city energy projects as energy credit proceeds are received. "These funds would go, into the revolving energy loan fund, to be utilized for, future city energy projects as, as, projects are completed, energy credit proceeds are received, that enables us to continue to do, future projects," Dr. Dudesch said.
The committee did not discuss specific projects or an allocation plan at the meeting; the ordinance authorizes the acceptance of proceeds into the fund for ongoing and future energy-efficiency or renewable-energy initiatives.
The committee placed the item on for passage; implementation details and project-level uses will be determined by the Office of Environment and Sustainability and project managers as credits are realized.