Private Activity Bond Authority
Upcoming Private Activity Bond Authority Board Meeting
The next Private Activity Bond Authority Board Meeting will be held on Monday, April 13, 2015, at 11:30 a.m. (please note the new date and time) in our office located in the World Trade Center at City Creek, 60 East South Temple, 3rd Floor, Canyonlands Conference Room #341, Salt Lake City, Utah (see attached map). A copy of the agenda will be posted approximately one week before the meeting.
The Private Activity Bond Review Board will hold a Board Retreat on Monday, April 13, 2015, immediately following the regularly scheduled Board Meeting, which begins at 11:30 a.m. A copy of the agenda will be posted approximately one week before the meeting.
Applications for PAB funding consideration, are being accepted for review at the April 8, 2015, Board Meeting. Applications must be submitted by 5:00 p.m., on Monday, March 2, 2015.
Click on the following links for additional information about the PAB Program:
New Information – GRAMA Policy
The Utah State Attorney General’s Office requested the PAB Board adopt its’ own Government Records Access and Management Act (GRAMA) Policy, which was done in the Private Activity Bond Authority Board Meeting on July 10, 2013. Applicants submitting proposals for funding consideration, please note a portion of this policy as outlined below.
All proposals, applications and other exhibits, submitted to the PAB Review Board for funding consideration, become the property of the Private Activity Bond Authority Program (PAB). These materials are generally subject to the Utah Government Records Access Management Act (“GRAMA”) (Utah Code Ann. §§63G-2-l 01 et seq) and are considered public records after the evaluation process has been completed and a final decision made.
The Act, however, does protect trade secrets, commercial information and non-individual financial information which, if disclosed, would give an unfair advantage to the recipient of that information, as opposed to the person who submitted the application.
GRAMA provides that if a person submits trade secrets, commercial information or non-individual financial information to a government entity, they may request that information to be classified as a protected record. A protected record request for any portion of a proposal, application or other exhibits requires the completion of a “Request for Protected Record Status” form. One section of this form requires a written statement supporting the claim for confidentiality. To help facilitate this requirement, applicants may complete a “Claim of Business Confidentiality Request” form.
The completed and signed form(s) must be submitted with the proposal. The person submitting the application must clearly identify the specific information for which the protected classification is requested. Failure to provide this, risks having the entire submission be considered a public record. An entire submission may not be protected under a claim of business confidentiality.
Qualified Energy Conservation Bond Application
The Qualified Energy Conservation Bonds (QECBs) Application is available for any Utah county, town or city interested in applying for the remaining amount of the State’s $4,306,920 portion from the total $28,389,000 volume cap received. The Private Activity Bond Authority Review Board is accepting 2015 QECB Application for review at the April 8, 2015, Board Meeting. The next submission deadline for applications is Monday, March 2, 2015, at 5:00 p.m. Additional information is available on the QECB Program page.
Programs Administered by the Private Activity Bond Authority
Private Activity Bonds
The Private Activity Bond (PAB) Program is Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital under the Federal Tax Act of 1986. The Federal Government allocates over $32 billion per year to states on a per capita basis, with Utah receiving $291,875,000 in 2013. Each state establishes its usage priorities by statute. For more information on the PAB Program click here.
Qualified Energy Conservation Bonds
Program provisions for QECB were provided in The Energy Improvement and Extension Act of 2008, part of the Emergency Economic Stabilization Act of 2008. The American Recovery and Reinvestment Act of 2009 amended this act and increased the volume cap for QECB issued after October 3, 2008, from $800 million to $3.2 billion. Volume cap was allocated to States in proportion to their population with Utah receiving $28,389,000.
Qualified Energy Conservation Bonds (QECB) are issued for any of the following energy conservation purposes:
- Capital expenditures to reduce energy consumption in publicly owned buildings by 20%, implementing green community programs, rural development involving the production of electricity from renewable energy or any qualified facility.
- Expenditures by research facilities and research grants to support research of non-fossil fuels, carbon dioxide sequestration, increasing efficiency of existing technology for producing non-fossil fuels, automobile battery technology and other technologies to reduce fossil fuel consumption in transportation or technology to reduce energy use in buildings.
- Mass commuting facilities.
- Demonstration projects that promote green building technology, conversion of agricultural waste for use in the production of fuel, advanced battery manufacturing technology, reduction in peak use of electricity technology, carbon dioxide capture and sequestration technology.
- Public education campaigns to promote energy efficiency.
For more information on the QECB Program click here.
Recovery Zone Bonds
The Recovery Zone Bond (RZB) Program expired on December 31, 2010. Information about the program can still be found by clicking here. The Final Report on Volume Cap Allocation and Issuance for the State can be found here.
PAB Agendas & Minutes
PAB Applications and Fees
PAB Approved Projects
PAB Board Members
PAB Meeting Schedule
PAB Program Descriptions
Qualified Energy Conservation Bonds
Recovery Zone Bonds
Volume Cap – 2013
Volume Cap – Available Allocation