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:
- 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.
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.
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.
Contact: For an application or additional information please contact Andrew Hamilton, Executive Director, Upper Illinois River Valley Development Authority (UIRVDA), 633 LaSalle Street, Suite 401, Ottawa, IL 61350, Toll Free: 866-325-7525, Fax: 866-325-7569, Email: firstname.lastname@example.org