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Brownwood clears Section 147(f) approval for Howard Payne University HVAC and energy upgrades
Summary
The council authorized, under Section 147(f) of the Internal Revenue Code, tax-exempt financing not to exceed $2,130,000 to support energy- and HVAC-related improvements at Howard Payne University; the city said it will not incur liability for the loans.
The Brownwood City Council on March 10 authorized approval under Section 147(f) of the Internal Revenue Code for a proposed tax-exempt financing that would enable Howard Payne University to fund energy automation, central plant and HVAC improvements at 1000 Fisk Street.
Emily Attaway of Howard Payne University explained the financing structure: a loan from Prosperity Bank to Anson Education Facilities Corporation in a principal amount not to exceed $2,130,000 and a corresponding loan from the corporation to the university. Proceeds would be used to finance Trane Energy Automation Systems, central plant systems, HVAC improvements and related equipment. Attaway said the project will be owned and operated by the university and that the loans will be secured and payable solely from university funds; the City will not incur any financial obligation or liability.
Councilmember Draco A. Miller moved and Councilmember Melody Nowowiejski seconded authorization for the Section 147(f) approval; the motion carried unanimously.
