ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to Approve a RESOLUTION Allocating QUALIFIED ENERGY CONSERVATION BOND VOLUME CAP Received by the City of Peoria, Peoria County, Illinois to Community College District No. 514, Counties of Peoria, Tazewell, Woodford, Marshall, McLean, Bureau, Logan, Livingston, Mason and Stark and State of Illinois to be Used for Qualified Conservation Purposes Under Applicable Law in the Amount of $1,190,634.00.
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BACKGROUND:
In October 2008, as part of the Energy Improvement Extension Act of 2008, which was included in the Emergency Economic Stabilization Act of 2008, Congress enacted Section 54D of the Internal Revenue Code of 1986, as amended, permitting State and local governments to issue qualified energy conservation bonds to finance qualified conservation purposes. The proceeds of qualified energy conservation bonds must be used to pay for one or more "qualified conservation purposes" as defined in the Applicable Law.
The Law states that qualified energy conservation bonds can be issued by a State or unit of local government pursuant to an allocation by the Secretary of the Treasury of a portion of a nationwide volume limitation. The State or unit of local government that receives a portion of the nationwide volume cap may allocate all or a portion of such volume cap to ultimate beneficiaries.
The Secretary of the Treasury has awarded the State of Illinois an allocation of $133,846,000 for qualified energy conservation bonds and the Governor's Office of Management and Budget has allocated a portion of its qualified energy conservation bond allocation in the amount $1,190,634 to the City of Peoria, Peoria County, Illinois.
The attached Resolution allocates the City of Peoria's qualified energy conservation bond allocation in the amount of $1,190,634 to Community College District No. 514, Counties of Peoria, Tazewell, Woodford, Marshall, McLean...
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