TITLE

Senate Panel OKs Package Clarifying Rules for Gas Contract Prepayments

AUTHOR(S)
Duff, Susanna
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/3/2003, Vol. 344 Issue 31607, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Senate Finance Committee approved an energy tax incentives package on April 2, 2003 that would clarify how municipal gas authorities can prepay long-term contracts with tax-exempt bonds and could encourage municipalities to build more debt-financed power facilities. The Energy Tax Incentives Act of 2003, would clarify regulations proposed a year ago by the Treasury that allow municipal gas authorities to prepay natural gas supply contracts with tax-exempt bonds without violating arbitrage restrictions. “ We hope the legislation will enable municipal gas systems to issue tax-exempt bonds for prepayments without the potential that they will have to redeem or defease some of those because of variations in actual use, as is required in the proposed regulations,” said Mitchell Rapaport, an attorney for the American Public Gas Association. The Senate energy tax package also would make renewable energy production tax credits available to public power utilities.
ACCESSION #
9541379

 

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