Alert September 09, 2008

OCC Issues Letter Concluding that Investment in Fund that Finances Solar Energy-Producing Facilities Complies with Community Development and Public Welfare Investment Requirements

The OCC issued Community Development Investment Letter #2008-1 (the “CDI Letter”) in which the OCC concluded that a national bank that made an investment (the “Investment”) in a fund (the “Fund”) that will finance solar energy-producing facilities can count the Investment under 12 USC §24 (Eleventh) and 12 CFR Part 24 as a qualifying community development and public welfare investment.  The Fund will invest in various limited liability entities that will develop, acquire, install and maintain solar energy-producing facilities and provide electricity for specified properties, primarily benefiting low- and moderate-income individuals and areas in California.