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PUC proposal to use $6.325 million in CREBs for solar projects advanced by committee
Summary
The committee advanced a PUC request for permission to issue up to $6.325 million in clean renewable energy bonds (CREBs) to finance solar installations on city properties, with estimated annual debt service of $420,000–$450,000 and a 15-year lease-purchase financing structure.
Todd Reistrom, assistant general manager and CFO of the Public Utilities Commission, presented a request for permission to issue up to $6,325,000 in clean renewable energy bonds (CREBs) under the Energy Tax Incentive Act of 2005 to finance solar equipment at multiple city-owned facilities.
Reistrom explained the federal program provides a tax credit mechanism allowing issuers to obtain effectively zero-interest financing through private placement with institutional investors; Bank of America had indicated interest in the city’s private placement. The PUC already has prior CREB-funded projects totaling $3,525,000 and proposed additional projects (Chinatown Public Health Center, Muni Woods, Muni Solar Energy Facility) to bring total subscription to the $6.325 million allocation. He estimated annual debt service of about $420,000 to $450,000 and said PUC has budget capacity to accommodate that service. The commission and capital planning committee had previously approved the proposal; the Budget and Finance Committee recommended forwarding the resolution to the Board.
There was no public comment on the item.
