Word: matep
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...decision which categorized MATEP as a profitable entity owned by a "charitable institution" cleared a major roadblock which had prevented the bond issue in the past...
Before the sale can take place, however, the University must negotiate technicalities with the government involving MATEP's tax obligations and Harvard's right to generate electricity from the plant...
Harvard originally planned to self MATEP to a financial holding company and lease it back. This arrangement would have allowed the new owners to take advantage of tax credits while the University retained control over the facility. But this plan fell through because of unprecedented high interest rates during the later years of the 1970s...
Earlier attempts at MATEP bond issues have also stalled, in part because the high interest rates would have put a large future burden on Harvard. In addition, existing laws did not allow the University to sell tax-free bonds for MATEP, since the plant earns profits...
Carl Dierker, a lawyer for the state agency. said yesterday that the inquiry will remain on hold for at least three more months while Harvard conducts environmental testing on MATEP's generators...