Governor Signs Legislation Increasing Local Energy Savings

Liz Gullett

May 20, 2016

This week, Governor Rick Snyder signed into law bills providing flexible financing plans for local governments working to conserve energy. The financing agreement is known as the Tax Exempt Lease Purchase. It allows for a lease-purchase agreement, under specific conditions, among the mechanisms a local unit uses to achieve energy conservation. The partnerships can be established for twenty years, and they are not considered debt for the municipalities. Payments can be stopped if the funding is no longer available, with taxpayers being held harmless for the balance. The newly signed Public Acts also expand the types of improvements that are authorized and revises reporting requirements.

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