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Environmental Bonds
Description: Environmental Bonds are Tax-Exempt bonds for a purpose of financing airports, docks and wharves, mass commuting facilities, facilities for the furnishing of water, sewage facilities, solid waste disposal facilities, qualified residential rental projects, facilities for the local furnishing of electric energy or gas, local district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, or environmental enhancements of hydroelectric generating facilities.Benefits: The benefits of Environmental Bonds include:
Eligibility: Any qualified entity that utilizes financing for environmental purposes stated above. Environmental Bonds require volume cap but carried over volume cap may be used.
- Long Term - Maturity of the bonds is flexible and can range from ten to thirty years.
- Favorable Interest Rate - Rates are generally 2.0% to 3.0% below Prime Rate. The interest rates are discounted to reflect Tax-Exempt status. Rates range well below conventional financing.
- Flexible Terms - Interest rates may be fixed or variable and can finance up to 100% of the eligible project costs.
- Favorable Terms - There is no fixed minimum job creation or capital investment requirements, although some jobs have to be created.
- Quasi-State Guarantee - The bonds can receive a quasi-state guarantee (Moral Obligation) from the State of Illinois which allows the borrower to attach to the State's credit strength.
Fees: A $2,000 non-refundable application fee is due when the application is submitted. Please make checks payable to the Upper Illinois River Valley Development Authority. An issuance fee of 80 basis points is due at closing. An annual fee of 40 basis points on the declining balance is due on the anniversary date of the bond.
Contact: For an application or additional information please contact Andrew Hamilton, Executive Director, Upper Illinois River Valley Development Authority (UIRVDA), 100 West Lafayette Street, Ottawa, IL 61350, Toll Free: 866/325-7525, Fax: 217/546-7569.
Andrew Hamilton
Executive Director
Upper Illinois River Valley Development Authority
100 West Lafayette Street
Ottawa, Illinois 61350
Toll Free: (866) 325-7525