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Montana gets 72 mil for new power proposals |
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Wednesday, 06 December 2006 |
Senator Max Baucus (D) announced on Friday that $72 million in zero-interest loans would be available to 32 cities and counties to help finance wind energy projects.
Among the 17 cities, Conrad is slated to receive $459,848. Of the 15 counties, Pondera was allocated $902,895.
The financing comes in the form of IRS-approved Clean Energy Renewable Bonds or CREBS, which will allow the local governments to construct wind facilities to help offset energy costs.
In order for the distinctive financing to take place, Montana legislators have to approve the plan so local governments can sell bonds. The bonds need to be sold by Dec. 31, 2007.
Rep. Llew Jones (R) commented on Monday, “I am very pleased that city-county are working together (on this), it shows great cooperation.” He went on to add, “We need to find a CREB expert to see what we can and can’t do and how best to utilize the money.”
The bonds don’t carry interest, but tax credits provide an incentive to purchase them.
Commissioner Cynthia Johnson commented, “This is about the community being a municipal authority.” She went on to add, “We may not necessarily need the Montana-Alberta Tie for this to become a reality, it’s a possibility.”
In making the announcement, Sen. Baucus said the 34 projects could produce an estimated 65 megawatts of power with individual facilities producing from a half to two megawatts. One megawatt can power about 350 homes.
At the city council meeting on Monday, Mayor John Shevlin preferred not to comment until he had a little more information.
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