Executive Order 27

~~· ID .'-- "¥ -.,_-w~ ...,~ ]!Txrrutitrr i!a,qrarlmrnf INTHE NAME AND BY THE AUTHORITY OF THE STATE OF IOWA EXECUTIVE ORDER NUMBER TWENTY-SEVEN WHEREAS, the December 2009 Iowa Efficiency Review Report identified 90 recommendations for improving the cost effectiveness and efficiency of delivering state government services; and WHEREAS, the State of Iowa is committed to increased use of renewable sources of energy, expansion of energy efficiency measures, and economic development in the areas of energy production and conservation; and WHEREAS, the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, together with the Hiring Incentives to Restore Employment Act of 201 O (together, the "Act"), provide for the issuance of "qualified energy conservation bonds" ("QECBs"); and WHEREAS, QECBs are taxable bonds issued by State or local units of government for certain "qualified conservation purposes" which include certain expenditures incurred for: (i) purposes of reducing energy consumption in publicly-owned buildings by at least 20%, implementing green community programs, the production of electricity from renewable energy resources in rural areas, certain qualified facilities for electricity produced from certain renewable resources (such as wind, biomass, solar, and landfill); (ii) research facilities and research grants to support research in the development of cellulosic ethanol or nonfossil fuels, technologies for the capture and sequestration of carbon dioxide produced through the use of fossil fuels, increasing the efficiency of existing technologies for producing nonfossil fuels, automobile battery technologies and other technologies to reduce fossil fuels consumption in transportation, and technologies to reduce energy use in buildings; (iii) mass commuting facilities and related facilities that reduce the consumption of energy, including expenditures to reduce pollution from vehicles used for mass commuting; and (iv) demonstration projects designed to promote the commercialization of green building technology, conversion of agricultural waste for use in the production of fuel or otherwise, advanced battery manufacturing technologies, technologies to reduce peak use of electricity, technologies for the capture and sequestration of carbon dioxide emitted from combusting fossil fuels in order to produce electricity; and (v) public education campaigns to promote energy efficiency. WHEREAS, pursuant to the Act, Notice 2009-29 and Notice 2010-35 issued by the Internal Revenue Service (together, the "Notices"), the State of Iowa has authority to issue $31,150,000 of QECBs, provided, however, that pursuant to the Act and the Notices a portion of this allocation shall be made available to "large local governments;" and WHEREAS, the allocations of QECB authority in the State, pursuant to the Act and Notices, are set forth on Exhibit A hereto; and WHEREAS, to ensure an accurate, efficient and timely tracking of the use of this resource, a single agency shall be directed to administer the use of QECBs in the State, including tracking of issuance of any QECBs by the large local governments; and WHEREAS, the amount available as the "balance of State" allocation under the Act and Notices ($20, 123,496.22) shall be made available to the Iowa Finance Authority, for issuance under an energy program that furthers the purposes of this Executive Order and complies with applicable requirements associated with QECBs; and WHEREAS, the Iowa Finance Authority shall work with the State's Office of Energy Independence to implement the energy program and use of QECBs. NOW, THEREFORE, I, Chester J. Culver, Governor of the State of Iowa, by the power vested in me by the laws and the constitution of the State of Iowa, do hereby order as follows: I. The Iowa Finance Authority, a public instrumentality and agency of the State of Iowa, is directed to administer the allocation of "qualified energy conservation bonds" bonding authority provided by the Act. II. The Iowa Finance Authority is designated as the eligible issuer of that portion of qualified energy conservation bond authority available to the State. Ill. The Iowa Finance Authority shall track the allocation of this bonding authority to ensure the most efficient and widespread use of this resource, and shall provide all necessary reports to the Internal Revenue Service relating thereto. ATTEST: MICHAEL A. MAURO SECRETARY OF STATE IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of Iowa to be affixed. Done at Des Moines this 2Pr~ day of November, in the year of our Lord two t o sand ten. C ER J. CULVER GOVERNOR EXHIBIT A Pursuant to Notice 2009-29 State of Iowa Population Base (2008) = State oflowa QECB Allocation= Large Local Governments (I 00,000 people or more) 2007 Population Black Hawk County 127,446 Johnson County 125,692 Linn County 205,836 Less Cedar Rapids 126 396 Net Population 79,440 Polk County 418,339 Less Des Moines 196 998 Net Population 221,341 Scott County 162,687 Woodbury County 102,287 Cedar Rapids 126,396 Des Moines 196,998 Balance of State Allocation l,939,708 3,002,555 31,150,000 Allocation $ 1,322,188.24 $ 1,303,991.37 $ $ 2,296,301.70 $ 1,687,795.91 $ 1,061,176.25 $ 1,311,295.01 $ 2,043,755.30. $ 20,123,496.22 (less than 100,000; no allocation)