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Board authorizes energy performance contract and financing up to $1,222,191
Summary
The board approved an energy performance project and delegated authority to negotiate equipment lease/purchase and related financing not to exceed $1,222,191, selecting TD Equipment Finance, Inc. to develop the plan; approval is subject to state education department review and annual appropriation.
The Chazy Union Free School District Board of Education on March 11 adopted a resolution authorizing negotiation and execution of an energy performance contract and related equipment lease/purchase agreements with total financing not to exceed $1,222,191. The board named TD Equipment Finance, Inc. as the selected vendor following the district’s request for proposals and review of detailed design and financing plans.
The resolution finds the proposed project a Type II action under the State Environmental Quality Review Act and delegates authority to the board president to finalize contract terms, subject to approval by the New York State Education Department and annual appropriation of payments. As stated in the resolution, the district expects “a total estimated maximum cost not to exceed $1,222,191 (the ‘Project’).” Board members voted unanimously to adopt the resolution and related delegation of authority.
The board's action authorizes the district to pursue energy-efficiency retrofits and to execute closing documents, including escrow and tax certificates, but specifies that the obligations are subject to annual appropriation and should not be construed as a charge on the district’s general credit outside those appropriations. The resolution also declares the district’s “official intent” to reimburse improvement costs with proceeds from the financing under Treasury Regulation Section 1.150-2.
