Audio from the second in a series of national teleconferences on the Clean Renewable Energy Bond (CREB) program is now available. The CREB program authorizes the issuance of up to $800 million in “tax credit” bonds by electric cooperatives, public power authorities, units of state and local government and tribal authorities for financing renewable energy projects.
The focus of the 2nd conference call was on the interim regulations released in the (Internal Revenue Source Notice 2005-98) and on the application requirements for this program. Applications are due to the Department of the Treasury on April 26, 2006.
Since the call took place on February 9th, the IRS has issued another guidance document [Notice 2006-7 (Additional Guidance re: Clean Renewable Energy Bonds-CREBS)]. The IRS broadened its guidance on CREBs to allow them to be issued by authorities created by states or localities and specially created nonprofit corporations. The supplemental guidance is meant to broaden the universe of issuers and would allow a nonprofit entity established by a state or locality, for example, to issue the bonds, according to the IRS.
Speakers on the call were:
- Susan Pettit, National Rural Electric Cooperative Association
- Joe McLiney, McLiney & Company, Municipal bond underwriters
- Richard Larochelle, Sr. Vice President, Cooperative Finance Corporation, the private financing arm of rural electric cooperatives
- David Narefsky, Public finance attorney, Mayer Browne Rowe & Mawe
- Howard Learner, Executive Director, Environmental Law and Policy Center