aggregating energy investment interests via qualified 501(c)(3) bonds

7/27/2019 Aggregating Energy Investment Interests Via Qualified 501(c)(3) Bonds

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Ciiroictemi Voselomtecj Omoriy Oggeheomhy Emvostkomts WecSucjegeol ?>3(h)(8) Famls

Frecm L. FuhdjoyWorkamt Jcw Xhbaaj

@L/KOJ^/Omoriy Hortegehcto Hcmlelcto 6>38


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E. EM\VAL_H\EAM CML @_X\EGEHC\EAM

Omoriy oggeheomhy es hamselorol fy kcmy ta fo tbo jaw-bcmiemi gruet ag tbo iroom

ohamaky.3 Uot, beib upgramt hasts cml jaw pufjeh cwcromoss provomts kcmy bakoawmors grak

tcdemi clvcmtcio ag tbes jaw bcmiemi gruet wbehb, eg pehdol, waujl pravelo emhrocsol hakgart, c

hjocmor omveramkomt, cml jawor omoriy fejjs. Omoriy oggeheomhy rotragets aggor stcfjo gemcmhecj

roturms cml waujl fo c iroct appartumety gar emstetuteamcj emvostars jedo fcmds cml pomseam gumls.

Wcreaus typos ag omoriy sorvehos hakpcmeos (OXHAs) bcvo foium ta rochb gar tbes gruet, fut gow

rochb emta tbo roselomtecj oggeheomhy kcrdot. Xuhb emchteam es jcriojy fcsol am c jchd ag hcpetcj

luo ta beib por-pra`oht trcmschteam hasts cssahectol wetb tbo OXHA fusemoss kaloj. \bes pcpor

wejj autjemo cm cpprachb emtomlol ta cttrcht jequelety ta tbo roselomtecj oggeheomhy kcrdot tbrauib

tbo fumljemi cml lestrefuteam ag omoriy oggeheomhy emvostkomts em tbo gark ag ?>3(h)(8) hamluet

famls. \bo kcem clvcmtcio ag suhb famls es tboer oxokpteam grak stcto cml golorcj tcxcteam,

wbehb es fcsol upam tboer gurtborcmho ag hbcretcfjo purpasos.

\bo faly ag tbes prapascj es levelol emta tbroo pcrts. \bo gerst pcrt wejj prosomt c iomorcj

leshusseam ag omoriy sorvehos hakpcmeos cml tboer patomtecj ta ciiroicto roselomtecj oggeheomhy

emvostkomts. \bo sohaml pcrt wejj oxpjaro tbo spboro ag prevcto chtevety famls wetb c gahus am

?>3(h)(8) hamluet famls. \bo tberl pcrt wejj oxckemo tbo uso ag prairck-rojctol emvostkomts cs c

kocms ag hrolet ombcmhokomt gar c mampraget omoriy sorveho hakpcmy. Gemcjjy, tbo pcpor wejj

hamhjulo wetb rohakkomlcteams garkujctol grak tbo cmcjyses. Et es tbo bapo ag tbes cutbar tbct

tbo gajjawemi leshusseam wejj fremi c sohamlcry kcrdot gar roselomtecj oggeheomhy emvostkomts c

jettjo hjasor ta ets cjrocly jaw-bcmiemi rocjety.6

3 Fcjj, @oggroy. Baw ta Kcdo c Fumljo am Omoriy Oggeheomhy0 Ycjj Xtroots Mow Xtrctoiy gar Emvostemi em Iaal Lools. XjctoKciczemo. Mavokfor 8>, 6>36. Chhossol 8/6/38. ^cio 3. Cvcejcfjo ct0bttp0//www.sjcto.hak/crtehjos/bocjtbQcmlQsheomho/tboQoggeheomtQpjcmot/6>36/33/emvostQemQomoriyQoggeheomhyQbawQfumljemiQjatsQagQskcjjQekpravokomtQpra`ohts.btkj.

6El. (stctemi tbct HeteIraup ceks lovojap c sohamlcry kcrdot gar roselomtecj oggeheomhy emvostkomts em 6>38).


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EE. OMOVIU XOVWEHOX HAK^CMEOX

Omoriy sorveho hakpcmeos (OXHAs) cro aricmezcteams tbct lovojap, emstcjj, cml crrcmio

gemcmhemi gar praòhts loseimol ta jawor fuejlemi aporctemi hasts tbrauib omoriy cml wctor

oggeheomhy ekpravokomts, pocd lokcml roluhteam, cml hakfemol boct cml pawor praòhts.8 Em

arlor ta fost umlorstcml cm OXHA gar tbes leshusseams purpasos, amo kust oxckemo baw tboy

gumhteam, tboer hurromt emlustry tromls, cml c spohegeh typo ag OXHA rogorrol ta cs c H8?. Xuhb cm

oxckemcteam wejj fost oxpjcem baw tbes fusemoss kaloj keibt cel em tbo hrocteam ag c sohamlcry

kcrdot gar omoriy oggeheomhy emvostkomts.

Cm OXHA foiems ta gujgejj ets gumhteam wbom c fuejlemi awmor essuos c roquost gar

prapascjs ag omoriy hamsorvcteam kocsuros cml/ar hakfemol boct cml pawor sajuteams gar tboer

fuejlemi.< Xuhb kocsuros cjkast cjwcys emhjulo jeibtemi rotragets, boctemi/vomtejcteam/cer

hamleteamemi kalegehcteams, cml fuejlemi omvojapo cjtorcteams. Cgtor cm emetecj wcjdtbrauib ag

tbo gchejety ta elomtegy passefjo hast/omoriy scvemi kocsuros, tbo OXHA tbom prosomts c prapascj

ta tbo fuejlemi awmor. Eg tbo awmor hbaasos ta kavo garwcrl wetb tbo OXHAs prapascj, tbo

OXHA moxt porgarks cm emvostkomt irclo culet grak wbehb c gemcj hamtrcht wejj fo lrcwm. \bo

OXHA pravelos c iucrcmtoo tbct tbo hbasom omoriy hamsorvcteam kocsuros wejj jeket omoriy

hamsukpteam ct tbo gchejety, usucjjy ta tbo oxtomt tbct emvostol rovomuo es roturmol em tbo mocr

tork.? Xuhb c iucrcmtoo agtom cjjaws hjeomts ta aftcem gemcmhemi gar tbo rotragets ct c jawor

8 Workamt Omoriy Emvostkomt Harparcteam,Cm OXHA gar _mlorsorvol Kcrdots0 Lovojapemi tbo Vaclkcp gar ufjeh ûrpaso OmoriyXorveho Hakpcmeos. (6>3>).

< Mcteamcj Cssahecteam ag Omoriy Xorvehos Aricmezcteams. Vosaurhos0 Ybct es cm OXHA1Chhossol 8/


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% ag tbo OXHA kcrdot

fohcuso suhb aricmezcteams agtom bcvo jcrio fcjcmho sboots cml cssurol emhakos, cjjawemi tbok

ta ckartezo tbo up-gramt hast ag tboer emvostkomt avor c mukfor ag yocrs ct ma lotrekomt ta tboer

hrolet.9 \bo rotraget emlustry es agtom lakemctol fy sufselecreos ag jcrio prevcto harparcteams

fohcuso tbo sumdom hasts ag cm emvostkomt irclo culet agtom roquero jcrio hcpetcj autjcys wetb ma

cssurcmho ag c roturm am emvostkomt. Xako oxckpjos ag talcys jcriost OXHAs emhjulo

HamOlesam Xajuteams (c sufselecry ag HamOlesam), @abmsam Hamtrajs (c sufselecry ag @abmsam

cml @abmsam), cml Hbovram Omoriy Xajuteams (c sufselecry ag Hbovram).2 Xako OXHAs, suhb cs

\rcmshoml Oquety, cjsa aggor gemcmhemi ta tboer hjeomts em oxhbcmio gar cm omoriy sorvehos

cirookomt. Cm omoriy sorvehos cirookomt es cm cirookomt fotwoom cm OXHA cml c prevcto

fuejlemi awmor gar tbo praveseam ag omoriy sorvehos rctbor tbcm tbo lojevory ag omoriy

hamsorvcteam kocsuros.5 Omoriy sorveho cirookomts cro fcsol am tbo pawor purhbcso cirookomt

7

El.9Cmlrow Xcthbwojj (ot. cj.).C Xurvoy ag tbo _X OXHA Emlustry0 Kcrdot Irawtb cml Lovojapkomt grak 6>>2-6>>2. JcwromhoFordjoy Mcteamcj Jcfarctareos. @umo 6>33. ^cio 33.

Cvcejcfjo ct0 bttp0//www.mcosha.ari/rosaurhos/emlustry/lahukomts/OXHA%6>stuly.plg.

2 Mcteamcj Cssahecteam ag Omoriy Xorvehos Hakpcmeos Kokfor Xmcpsbat

Cvcejcfjo ct0 bttp0//www.mcosha.ari/aricmezcteams/hakpcmeos.cspx1HctEL;8.

5 Hbcrjatto Dek (ot. cj.) Emmavcteams cml Appartumeteos em Omoriy Oggeheomhy Gemcmho. Yejsam, Xamseme, Iaarehb, Vascte. Kcy 6>36^cio 3


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peamoorol gar romowcfjo omoriy. Xuhb cirookomts rokcem agg fcjcmho sboot gar kast fuejlemi

awmors cml hast vertucjjy matbemi up-gramt.

Amo mcrraw sufsot ag aricmezcteams focremi sako sokfjcmho ta tbo OXHA es fcsol upam c

mampraget fusemoss kaloj Ejj rogor ta cs tbo H8?.3> H8? es c hjcssegehcteam tbct iuelostcr.ari

ievos ta ?>3(h)(8) aricmezcteams wbaso oxokpt purpaso es tbo gurtborcmho omoriy rosaurho

hamsorvcteam cml lovojapkomt. \boso aricmezcteams cro tcx oxokpt fohcuso Xohteam ?>3(h)(8) ag

tbo emtormcj rovomuo halo pravelos tbct cmy aricmezcteam aricmezol cml aporctol oxhjusevojy gar

rojeieaus, hbcretcfjo, sheomtegeh, tostemi gar pufjeh scgoty, jetorcry, ar oluhcteamcj purpasos,33 es

oxhjulol grak tbo pcykomt ag golorcj emhako tcxos. Karo spohegehcjjy, tbo Emtormcj Vovomuo

Xorveho logemos hbcretcfjo cs hamstetutemi0

Vojeog ag tbo paar cml lestrossol ar ag tbo umlorprevejoiol4 clvcmhokomt agrojeieam4 clvcmhokomt ag oluhcteam ar sheomho4 orohteam ar kcemtomcmho ag pufjehfuejlemis, kamukomts, ar wards4 jossomemi ag tbo furloms ag Iavormkomt4 cmlprakateam ag sahecj wojgcro fy aricmezcteams loseimol ta chhakpjesb cmy ag tbocfavo purpasos, ar (e) ta jossom moeibfarbaal tomseams4 (ee) ta ojekemcto proùlehocml leshrekemcteam4 (eee) ta logoml bukcm cml hevej reibts sohurol fy jcw4 ar (ev)ta hakfct hakkumety lotorearcteam cml ùvomejo lojemquomhy.36

Chharlemijy, eg wejjemi ta moiatecto tbo cssahectol hamstrcemts,38 cm omoriy sorveho

hakpcmy waujl qucjegy gar ?>3(h)(8) stctus eg et woro aricmezol cml aporctol em gurtborcmho ag

hbcretcfjo purpasos, suhb cs tbo kcemtomcmho ag pufjeh fuejlemis cml/ar jossomemi iavormkomts

furloms.3< \boso aricmezcteams agtom hamtrcht lerohtjy wetb stctos ar jcrio kumehepcjeteos ta

clkemestor gumls icemol tbrauib c systok fomogets hbcrio ta aggor emhomtevos gar jcrio ojohtrehety

3> Iuelostcr.ari. Mcteamcj \cxamaky ag Oxokpt Omteteos.

Cvcejcfjo ct0 bttp0//www.iuelostcr.ari/rxi/bojp/mtoo-halos.cspx.

33 67 _.X.H.C. ?>3(h)(8).

36 67 H.G.V 3.?>3(h)(8)-3(l)(6).

38 Hbeog ckamist tbok es tbo prabefeteam am prevcto fomoget, wbehb prabefets tbo uso ag oquety gemcmhemi fy c ?>3(h)(8).

3< Gar criukomts ùstegyemi tbo omveramkomtcj hasts ag omoriy hamsukpteam cs c iavormkomtcj furlom cml tborogaro pratohtemi c^ÔXHAs ?>3(h)(8) stctus grak _FE\ luremi rotraget ag fuejlemis mat awmol fy tbo iavormkomt, soo iomorcjjy, ^roselomts Haumhejag Clvesars am Xheomho cml \ohbmajaiy, Xustcememi Omveramkomtcj Hcpetcj0 ratohtemi Xaheoty cml tbo Ohamaky (loshrefemiiavormkomtcj furloms rosujtcmt ag omveramkomtcj lotorearcteam cs c iavormkomtcj furlom).


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usors ta kcmcio lokcml tbrauib oggeheomhy rotragets.3? Xako oxckpjos ag H8?s cro tbo

Yeshamsem Omoriy Hamsorvcteam Harparcteam, tbo Workamt Omoriy Emvostkomt Harparcteam, tbo

Omoriy \rust ag Aroiam, cml tbo Hamsorvcteam Xorvehos Iraup. _mjedo prevcto OXHAs, tboso

aricmezcteams agtom aporcto am teibt fcjcmho sboots cml hcmmat lovato hcpetcj ta cm emvostkomt

irclo omoriy culet tbct kcy mat hako ta grueteam, ar teo up kamoy em cmy amo emvostkomt gar

sovorcj yocrs. Amo rcrojy oxpjarol kcmmor ag cttrchtemi hcpetcj ta tbo H8? fusemoss kaloj es

tbrauib tbo uso ag famls.

EE. Sucjegeol ?>3(h)(8) Famls

Sucjegeol ?>3(h)(8) famls cro c kohbcmesk tbrauib wbehb c ?>3(h)(8) aricmezcteam hcm

chquero hcpetcj ta gemcmho praporty purhbcsol em gurtborcmho ag ets oxokpt purpasos.37 Em arlor ta

fost umlorstcml qucjegeol ?>3(h)(8) famls gar tbo purpasos ag tbes leshusseam, amo kust

umlorstcml tbo uso ag prevcto chtevety famls, cml tbo hamstrcemts ag qucjegeol ?>3(h)(8) famls, cml

tbo clvcmtcios ag qucjegeol ?>3(h)(8) famls.

?>3(h)(8)s aricmezcteams agtom gcho hcpetcjezcteam hamstrcemts luo ta tbo prabefeteam am

prevcto fomoget tboy omluro em oxhbcmio gar oxokpt stctus.39 \bo prabefeteam am prevcto fomoget

ossomtecjjy kocms tbct ma autselo emvostar hcm fuy c peoho ag c ?>3(h)(8) cml oxpoht tboer

emvostkomt ta cpprohecto em vcjuo, cs tboy waujl wetb cm emvostkomt em c roiujcr harparcteam.

Bawovor, autselo pcrteos hcm jacm c ?>3(h)(8) kamoy em tbo gark ag famls cml oxpoht cm emtorost

pcykomt em roturm. Famls cro c loft emstrukomt wbehb kumehepcjeteos cml aricmezcteams uso ta

3?Xoo iomorcjjy Kcrd Yajgo, \bo Vajo ag Xystok Fomoget Hbcrios em Xuppartemi ufjeh Fomoget raircks em Ojohtreh _tejety

Vostruhturemi. Omoriy ^raircks Hamsarteuk. (stctemi tbct stctos jovy systoks fomoget hbcrios am tbo lestrefuteam ag cjj ojohtrehetyhajjohtol fy tbo roiujctol lestrefuteam hakpcmy cml emhjulol em tbo fejjs lestrefutol ta cjj hustakors. \bo hakpcmy hajjohts goos cmltrcmsgors tbok ta tbo cppraprecto clkemestoremi ciomhy(s)).

37 67 _.X.H.C. 33(h)(8) (stctemi tbct oxokpteam kcy fo ircmtol cml rotcemol amjy eg ma pcrt ag tbo mot ocrmemiemuros ta tbofomoget ag cmy prevcto sbcrobajlor ar emlevelucj).


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rceso hcpetcj. Cm emvostar wba fuys famls tokparcrejy hamtrefutos hcpetcj ta cm aricmezcteam, cml

em roturm, rohoevos c kcrdot vcjuo emtorost pcykomt grak tbct aricmezcteam gar tbo uso ag tboer

hcpetcj.32 \bo faml kast hakkamjy essuol ta c prevcto aricmezcteam am fobcjg ag iavormkomt es

c prevcto chtevety faml. ^revcto chtevety famls cro famls essuol ta suppart praòhts tbct fomoget

prevcto omteteos fut cjsa sorvo sako pufjeh purpaso (o.i., cerpart ekpravokomts, wctor gchejety

upirclos).35 Sucjegeol ?>3(h)(8) famls cro c typo ag prevcto chtevety faml utejezol fy baspetcjs

cml kumehepcj utejeteos gar cssot ar gchejety chqueseteam.

Gevo ekpartcmt hamstrcemts cro cssahectol wetb qucjegeol ?>3(h)(8) famls0 (3) kcturety

jeketcteams4 (6) cppravcj roquerokomts4 (8) crfetrcio rostrehteams4 (% ag tbo cvorcio rocsamcfjy oxpohtol ohamakeh jego ag tbo

gchejeteos foemi gemcmhol.6> Xohaml, prevcto chtevety famls cro agtom sufòht ta

pufjeh/iavormkomtcj cppravcj roquerokomt wbehb jeket tboer uso ta gchejeteos jahctol wetbem tbo

ùreslehteam ag tbo essuemi iavormkomt.63 \berl, aricmezcteam utejezemi qucjegeol ?>3(h)(8) famls

kust cfelo fy hortcem crfetrcio rostrehteams wbehb, ckamist atbor tbemis, lehtcto tbct gumls ocrmol

tbrauib oggeheomhy kust ia emta c iomorcj omlawkomt rctbor tbcm lerohtjy pcyemi tboer faml

fchd.66 Gaurtb, mambaspetcj qucjegeol ?>3(h)(8) essucmhos cro jeketol fy c stctutarejy ekpasol

32 35 [email protected]. Harparcteams 9?3.

35 Vafort ûomtos ^rakatemi ufjeh Emgrcstruhturo Emvostkomt \brauib revcto Chtevety Famls. Fraademis Emstetuteam. ûfjesbolAhtafor 6?, 6>36. Chhossol 8/3?/38.

Cvcejcfjo ct0 bttp0//www.fraademis.olu/fjais/tbo-cvomuo/pasts/6>36/3>/6?-pcfs-puomtos .

6> 67 _.X.H.C. 3/929??9.btk.


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hcp ag $3?> kejjeam.68 Gegtb, tbo lestrefuteam prabefeteams cro iavormol fy c hakpjox soreos ag

tosts, cml em gcht, losorvo karo em-loptb troctkomt tbcm tbo cfavo komteamol hamstrcemts.

\bo Emtormcj Vovomuo Xorveho usos twa tosts ta omcht c lestrefuteam prabefeteam am famlol

hcpetcj0 (3) tbo awmorsbep tost4 (6) cml tbo prevcto fusemoss uso tost.6< \bo awmorsbep tost es tbo

gerst tost cppjeol. \bo awmorsbep tost stctos tbct cjj praporty wbehb es ta fo pravelol fy tbo mot

prahools ag tbo essuo es ta fo awmol fy c ?>3(h)(8) aricmezcteam ar c iavormkomtcj umet.6? C

H8? OXHA waujl pcss tbes tost fohcuso, chharlemi tbo torks ag tbo typehcj omoriy sorvehos

cirookomt fotwoom hjeomt cml OXHA, tbo OXHA rotcems awmorsbep ag tbo rotragets cml emstocl

pravelos tbo omoriy sorvehos pravelol fy tbo rotraget. \bes chhaumtemi kotbal bcs trcleteamcjjy

foom cppjeol sa tbct tbo rotragets hcm rokcem agg-fcjcmho sboot gar tbo hjeomt, fut et cjsa hakos em

bcmly wbom cppjeol cicemst tbo awmorsbep tost.

\bo prevcto fusemoss uso tost es tbo sohaml tost cppjeol. \bo prevcto fusemoss uso tost es

chtucjjy hakpresol ag twa tosts0 (3) tbo kalegeol prevcto fusemoss uso tost4 cml (6) tbo prevcto

pcykomt/sohurety tost. \a pcss tbo kalegeol prevcto fusemoss uso tost, ma karo tbcm 3>% ag tbo

faml hcpetcj kcy fo usol ta gemcmho prevcto fusemoss.67 \a pcss tbo prevcto pcykomt/sohurety

tost, ma karo tbcm 3>% ag tbo pcykomt ag premhepjo/emtorost es kclo/sohurol fy pcykomts am

praporty usol gar c prevcto fusemoss emtorost.69 Ybejo tboso tosts keibt sook ta put tbo prapasol

essucmho em porej, tboy la mat. Gerst, ta pcss tbo prevcto fusemoss uso tost, amo mool amjy pcss

oetbor amo ag tbo twa sufsoquomt tosts. Xohaml, tbo kalegeol fusemoss uso tost hamtcems oxpjehet

jcmiucio stctemi tbct faml prahools hcm fo usol ta gemcmho tbo wardemi hcpetcj oxpomleturos ag c

68 67 _.X.H.C. 3


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?>3(h)(8) aricmezcteam sa jami cs suhb uso gurtbors ets oxokpt purpaso. Em tbo prosomt hcso, suhb

uso gurtbors tbo iacj ag omoriy hamsorvcteam cml tborogaro pcssos tbo prevcto fusemoss uso tost.

Jeketemi tbo furloms ag iavormkomt tbrauib lokcml selo kcmciokomt cml omoriy oggeheomhy

umquosteamcfjy gcjjs umlor tbo hctoiary ag hbcretcfjo, cs oxokpjegeol fy oxestemi H8?

aricmezcteams. Xuhb c prairck waujl fremi fracl saheotcj fomogets emhjulemi jaworemi ag ojohtreh

rctos, roluhteam ag iroombauso icsos, cml `af hrocteam. Gurtborkaro, eg tbo prairck es cjj stcto

roselomts, tbom et surojy haujl mat fo loshrefol cs prevcto. Cmy prevcto fomoget waujl

umquosteamcfjy fo qucjetctevojy cml qucmtetctevojy emhelomtcj ta tbo aricmezcteams oxokpt

kesseam.

62

Es c qucjegeol ?>3(h)(8) essucmho rocjjy wartb cjj ag tbes traufjo cmywcy1 Uos. Yby1

Sucjegeol ?>3(h)(8) famls cro c typo ag prevcto chtevety faml tbct emvostars wejj troct karo

gcvarcfjy tbcm roiujcr prevcto chtevety famls gar twa rocsams. Gerst, cml kast afveausjy, tbo

emtorost pcel am suhb famls es tcx oxokpt. Xemho emvostars la mat pcy Golorcj emhako tcx am

emtorost pcykomts rohoevol am tboso famls, tbaso emvostars cro wejjemi ta chhopt cm emtorost rcto

jawor tbcm tbo emtorost rcto am hakpcrcfjo tcxcfjo famls.65 \bo sohaml clvcmtcio ag suhb

famls bcs ta la wetb sohurety roiujcteam cml ropartemi roquerokomts. Xtahds cml famls cro

troctol cs sohureteos gar golorcj purpasos umlor tbo Xohureteos Cht ag 3588 cml tbo Xohureteos cml

Oxhbcmio Cht ag 358 \boso chts kcmlcto tbct kast fusemossos essuemi stahd, famls, ar atbor

emvostkomt emtorosts cro suf`oht ta spohecj ropartemi cml roiestrcteam roquerokomts.83

62 \a geml vcjelcteam gar tbes cssorteam, amo mool jaad ma gurtbor tbcm baspetcjs ar kumehepcj utejeteos, ochb ag wbehb es oxpjehetjykomteamol cs qucjegyemi em 67 _XH 33(h)(8) cs c kumehepcj omoriyoggeheomhy utejety.

65 Eho Kejjor. Gumlckomtcjs ag \cx Oxokpt Gemcmhemi gar ?>3(h)(8) Aricmezcteams. Chhossol 8/36/38.

Cvcejcfjo ct0 bttp0//www.ehokejjor.hak/pufjehcteams/8>/929??9.btk.

8> 3? _.X.H.C. 99f4 Xoo cjsa X.O.H. v. Y.@. Bawoy Ha., 862 _.X. 658, 8>> (35


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Clleteamcjjy, kast stctos cjsa bcvo tboer awm ropartemi roquerokomts, dmawm cs fjuo sdy jcws,

wbehb suppjokomt golorcj sohureteos roiujcteam. Amo kc`ar clvcmtcio ag tbo ?>3(h)(8) omoriy

sorveho hakpcmy es tbct cmy emtorosts tboy essuo cro oxpjehetjy oxokptol grak suhb

roquerokomts.86

Cgtor cm emtraluhteam ta prevcto chtevety famls, cml cm oxpjcmcteam ag tbo hamstrcemts

pjchol am tboer sefjemi, qucjegeol ?>3(h)(8) famls, et fohakos afveaus tbct oxokpteam grak

tcxcteam cml sohurety ropartemi roquerokomts waujl lekemesb hasts ag hcpetcj ta c soreaus oxtomt.

Em gcht, tbes pcpor prapasos tbct tbo ropoteteam cml strockjememi ag c qucjegeol ?>3(h)(8) famlemi

prahoss haujl rosujt em c kcrdot gar suhb famls mat amjy em prevcto fcmd pjchokomt, fut cjsa em

sohamlcry kcrdots. \boros amjy amo rocj quosteam jogt ta csd maw0 Yba es iaemi ta fuy tbo gerst

rauml ag loft emstrukomts grak c mampraget wetb ma pravom trchd roharl, ma hrolet, cml ma

hajjctorcj1

EEE. ^rairck-rojctol Emvostkomt cs c Hrolet Ombcmhokomt

C hakpcmy wetb ma hrolet rctemi, trchd roharl, ar praget katevo waujl geml et leggehujt ta

geml wejjemi emvostars gar jcrio ckaumts ag loft emstrukomts am ets awm. Eg tbo suiiostol

aricmezcteam woro c gar-praget OXHA, et haujl stcrt skcjj cml sojj oquety emtorost ta hcpetcjezo ets

fusemoss tbrauib ets emetecj irawtb, fut tbct apteam esmt cvcejcfjo ta c mampraget fohcuso ag tbo

hamstrcemts pjchol am et em oxhbcmio gar tcx oxokpteam.88 Gartumctojy, c mampraget OXHA waujl

bcvo umequo chhoss ta pcteomt hcpetcj, wcetemi ta fo put tawcrl oxokpt purpasos, foemi bojl fy

tbo fejjeam lajjcr jahdfax tbct es tbo ?>3(h)(8) prevcto gaumlcteam.8, 6>36. Chhossol 8/33(h)(8). (loshrefemi tbo mam-lestrefuteam hamstrcemt).

83(h)(8) aricmezcteam mat

bcvemi tbo hbcrchtorestehs ag c pufjeh hbcrety.8? Gar tbo purpasos ag tbes leshusseam, prevcto

gaumlcteams bcvo twa ekpartcmt cspohts0 (3) tbo kust cfelo fy kemekuk lestrefuteam

roquerokomts4 cml (6) tboy hcm kcdo prairck-rojctol emvostkomts (^VEs) ta sctesgy tbaso

roquerokomt fut cjsa rocp c roturm. \bo kemekuk lestrefuteam roquerokomt lehtctos tbct c

gaumlcteam gchos tcx pomcjteos eg et gcejs ta lestrefuto ct jocst ?% ag ets cssots cmmucjjy tawcrl

hbcretcfjo purpasos.87 ^VEs cro hamtrefuteams ta cm aricmezcteam fy c prevcto gaumlcteam kocmt ta

gurtbor tbo oxokpt purpasos ag tbct gaumlcteam, wbejo cjsa sctesgyemi tbo prevcto kemekuk

lestrefuteam roquerokomt. \boy hcm tcdo tbo gark ag c loft, oquety, ar ovom c hrolet ombcmhokomt

crrcmiokomt.89 C rohomt rujokcdemi bcs oxpjehetjy elomtegeol tbo provomteam ag omveramkomtcj

lotorearcteam cs cm chhoptcfjo purpaso gar c ^VE.82

Elocjjy, c prevcto gaumlcteam waujl pravelo c iomoraus ircmt gar tbo emetecj clkemestrctevo

hasts ag tbo mow mampraget OXHA. Xuhb c ircmt haujl tbom fo gajjawol fy c hrolet ombcmhokomt

em tbo gark ag c ^VE tbrauib wbehb tbo prevcto gaumlcteam pjchos c sezcfjo hbumd ag kamoy emta

fcmd chhaumts ct c soreos ag jahcj fcmds. \baso fcmds haujl tbom pjcho tbo qucjegeol ?>3(h)(8)

famls, usemi prairck-rojctol emvostkomts cs hrolet ombcmhemi hajjctorcj. Avor teko, tbct

hajjctorcj haujl tbom fo ropjchol wetb c jacm jass rosorvo guml, lorevol grak omoriy scvemis tbct

foiem ta gjaw grak rotragets ovory kamtb. Xbaujl cmy ag tbo OXHAs hjeomts logcujt am tboer

pcykomt,85 tbo aricmezcteams fcjcmho sboot waujl fo havorol fy suhb c guml. \bes prahoss

8? 67 _.X.H.C. ?>5 (Uos, fojeovo et ar mat, cs c tostekamy ta tbo umequo styjo ag tbo EVH, tbo Xorveho hbaso ta logemo c prevctogaumlcteam fy wbct et es mat, rctbor tbcm fy wbct et es.).

87 E.V.H. 38. ^cio 3. (stctemi tbo mool gar hrolet ombcmhokomts wbomcttokptemi ta essuo/pjcho famls).

82El.

85 Dek (ot.cj.) suprc mato 5, ct pcio 66.(Xtctemi tbo logcujt rcto sekejcrjy struhturol am-fejj ropcykomt pjcms es %>-6).


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focrs sako sekejcrety ta tbo ^raporty Cssossol Hjocm Omoriy systok cjrocly usol fy sako

kumehepcjeteos ta gemcmho omoriy oggeheomhy rotragets, oxhopt tbct et sderts tbo rohomt sufarlemctol

jeom prafjok fy usemi ^VE kamoy cs c sopcrcto saurho ag hajjctorcj. 3(h)(8) emstocl usol cm omoriy

Xoo Iomorcjjy, ^CHOMAY! Gemcmhemi Omoriy Oggeheomhy0 Voselomtecj CHO.

Cvcejcfjo ct0 bttp0//pchomaw.ari/cfaut-pcho/roselomtecj-pcho-6/.

>5->5 (stctemi tbct ^CHO jeoms cro mujj em tbo oyos ag tbo golorcj iavormkomt).

38. Cvcejcfjo ct0 bttp0//www.hjocmomoriygemcmhohomtor.ari/6>38/>8/omoriy-oggeheomhy-jacms-omhaumtor-afstchjos-em-tbo-sohamlcry-kcrdot/.


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sorvehos ar pawor purhbcso cirookomt, et waujl fo omtetjol ta suhb tcx oxokpt gemcmhemi fohcuso

tbo ?>3(h)(8) rotcems awmorsbep ag tbo cssot cml aggors tbo bakoawmor ets omoriy sorvehos

emstocl.

\bes pcpor leshussos sovorcj umequo elocs emtomlol ta pusb tbo omoriy oggeheomhy kcrdot

em lerohteam ag sohuretezcteam. Gerst, et leshussos usemi tbo H8? ovajuteam ag tbo trcleteamcj omoriy

sorvehos hakpcmy cs kocms ag ciiroictemi cml lestrefutemi tcx oxokpt roselomtecj omoriy

oggeheomhy emvostkomts. Xuhb aricmezcteams rcrojy sood hcpetcj grak prevcto kcrdots, fut emstocl

chquero hcpetcj grak c dw/b tcx am tbo ojohtreh rctopcyor. Xuhb tcx oxokpteam waujl pravelo

kuhb moolol jequelety gar c fraclor strock ag oggeheomhy emvostkomts fy kcdemi mam-tcxcfjo

emtorost karo cttrchtevo gar emvostars. Xohaml, et leshussos ciiroictemi suhb oggeheomhy

emvostkomts em tbo gark ag qucjegeol ?>3(h)(8) famls. \bes kotbal ag famlemi es markcjjy amjy

usol ta gemcmho baspetcjs cml kumehepcj utejeteos, fut aggors c iroct wcy ta sohuretezo omoriy

sorveho cirookomts gar wbct es fcsehcjjy c kumehepcj omoriy oggeheomhy utejety. \berl, et

rohakkomls c stcrt-up ircmt cml ^VE fcsol hrolet ombcmhokomt cs c rauto gar tchdjemi tbo stcrt-

up hasts ag tbo mampraget OXHA wbejo stejj ciiroictemi spohegehcjjy emtomlol emvostkomts emta c

spohecj-purpaso mampraget omtety. Xuhb cm omtety sbaujl fo cfjo ta chbeovo c lohomt hrolet rctemi

ta omsuro tbo vcjuo ag sohuretezcteam. Eg amo wcmtol ta hctcjyzo hrocteam ag c sohamlcry kcrdot

gar omoriy oggeheomhy emvostkomts et sbaujl fo fy0 (3) pchdciemi tbok cs omoriy sorveho

cirookomts wetb c spohecj purpaso vobehjo ?>3(h)(8)4 (6) ciiroictemi tbok tbrauib qucjegeol

?>3(h)(8) famlemi4 (8) ombcmhemi tboer hrolet wartbemoss tbrauib tbo uso ag c prevcto

gaumlcteams ^VE4 cml (

aggregating energy investment interests via qualified 501(c)(3) bonds

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