Concerning Modification Of The Terms Under Which A County May Issue Tax-Exempt Private Activity Bonds On Behalf Of An Eligible Applicant For The Purpose Of Financing An Eligible Clean Energy Project On The Applicant's Property.
Current law allows a county to issue private activity bonds on behalf of a property owner or group of property owners who do not own an entire cooperative electric association (eligible applicant) for the purpose of constructing, expanding, or upgrading an eligible clean energy project on the eligible applicant's property. The bill reduces the minimum amount of private activity bonds that a county may issue for an eligible applicant from $1 million to $500,000, extends the maximum repayment term for bonds from 10 years to 15 years, and allows the bonds to be correlated to the revenue stream of the project up to 75% so long as bond payments do not exceed 75% of project revenue.