School solar project bond sold; district applied to IRS for $198,000 tax‑credit equivalent

Dan (School Board member) updated the Budget Committee on the status of the Brentwood school solar project financing and related federal tax‑credit paperwork.

He said the district executed the bond sale in January and obtained final rates; the final bond pricing reduced anticipated costs by about $1,000 from earlier estimates. “The bond is going to be repaid on a fixed repayment schedule,” Dan said, and he offered to forward the repayment schedule to committee members.

On federal support, Dan explained that schools are tax‑exempt and therefore cannot use a tax credit; instead, the program functions as a refundable tax‑credit payment to the entity. He reported that Finance Director Molly O’Keefe applied to the IRS for the payment as soon as the solar panels became active. “As soon as the panels were active, Molly applied for a number … and then immediately sent that number to the IRS on April 10, via certified mail,” Dan said. The application seeks approximately $198,000, which the district expects to record as revenue when received.

Why it matters: The $198,000 payment — if approved and received — will be recorded as school revenue and reduce net tax impact in the operating picture. Dan said the IRS processing pathway currently lacks a direct phone line and that the district is following up by email.

Ending: Dan said he will continue to forward updates from the finance director to the Budget Committee and that he will share the bond‑repayment schedule and related communications to keep the committee informed.