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Swayze School solar panels active; finance director applied for $198,000 federal tax-credit-equivalent payment
Summary
Dan, representing the school board, told the Budget Committee that school solar panels are active, the bond repayment schedule is fixed and Finance Director Molly O'Keefe has applied to the IRS for a payment of $198,000 recorded as revenue because schools are tax-exempt.
Dan, a member of the school board who attended the Budget Committee meeting, updated the committee on the Swayze School solar project and related financing.
Dan said the project entered a final bond sale in January and that the bond will be repaid on a fixed schedule. He told the committee there was a small favorable change in interest-rate assumptions that produced roughly a $1,000 reduction from earlier projections.
On the tax incentive side, Dan said the school applied for an allocation number on April 10 as soon as the solar panels went active. Because schools are tax-exempt, the payment is treated as revenue rather than a tax credit; the Finance Director, Molly O'Keefe, applied to the IRS via certified mail for the estimated $198,000 payment and is following up by email and other channels as the IRS processes the claim.
Dan said he would forward the bond repayment schedule and prior correspondence between Molly and the bond counsel to Budget Committee members and would bring updates from the school board back to the committee.
Ending: Committee members said they appreciated the update and asked Dan to circulate the repayment schedule and related documents to the committee by email.
