Text: HF00232 Text: HF00234 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 99F.11, Code 1995, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 3A. Two million dollars of the adjusted 1 4 gross receipts shall be deposited annually in the wind energy 1 5 loan fund created in section 473.45. 1 6 Sec. 2. NEW SECTION. 473.45 WIND ENERGY LOAN PROGRAM &endash; 1 7 FUND. 1 8 1. The department shall establish a wind energy loan 1 9 program. The purpose of the program shall be to assist school 1 10 districts and community colleges to purchase and install wind 1 11 energy conversion systems to convert the kinetic energy of the 1 12 wind to electricity to supply all or a portion of the 1 13 electricity needs of the school district or community college. 1 14 For purposes of this section, "wind energy conversion system" 1 15 includes a rotor, tower, drivetrain, generator, and control 1 16 system. 1 17 2. A wind energy loan fund is established in the office of 1 18 the treasurer of the state to be administered by the 1 19 department. An annual appropriation from the adjusted gross 1 20 receipts from gambling games under section 99F.11 in the 1 21 amount of two million dollars shall be deposited in the wind 1 22 energy loan fund. The fund shall consist of all other 1 23 appropriations, grants, or gifts received by the department 1 24 specifically for use under this section and all repayments of 1 25 loans made under this section. Notwithstanding section 8.33, 1 26 moneys in the fund at the end of a fiscal year shall not 1 27 revert to any other fund but shall remain in the revolving 1 28 fund. 1 29 3. To be eligible for a wind energy loan under this 1 30 section, a school district or community college shall provide 1 31 all of the following: 1 32 a. A wind assessment study indicating that the energy cost 1 33 savings from the installation of a wind energy conversion 1 34 system would be greater than the costs of implementation of a 1 35 wind energy conversion system. 2 1 b. An assurance that the school district or community 2 2 college will provide a ten percent downpayment of the overall 2 3 costs to install the wind energy conversion system. 2 4 c. A copy of a written agreement indicating that the 2 5 school district or community college has obtained local 2 6 financing for thirty percent of the overall costs to install 2 7 the wind energy conversion system. 2 8 4. The department may make loans to school districts and 2 9 community colleges in an amount which is equivalent to sixty 2 10 percent of the overall costs to install the wind energy 2 11 conversion system. The interest rate for loans issued under 2 12 this section shall be no greater than five percent. The 2 13 department may enter into financing agreements with the school 2 14 district or community college in order to provide the 2 15 financing to pay the costs of furnishing the wind energy loans 2 16 as provided in this section. The financing agreement may 2 17 contain provisions, including terms and obligations to make 2 18 payments on the financing agreement beyond the current budget 2 19 year, as may be agreed upon between the department and the 2 20 school district or community college. 2 21 5. School districts and community colleges may enter into 2 22 financing arrangements with the department or its duly 2 23 authorized agents or representatives obligating the school 2 24 district or community college to make payments on the loans 2 25 beyond the current budget year of the school district or 2 26 community college. Chapter 75 shall not be applicable. 2 27 School districts shall repay the loans from moneys in either 2 28 their general fund or debt service fund. Community colleges 2 29 shall repay the loans from their general fund. 2 30 EXPLANATION 2 31 This bill authorizes the department of natural resources to 2 32 establish a wind energy loan program. It creates the wind 2 33 energy loan fund to be administered by the department and 2 34 appropriates $2,000,000 of the adjusted gross receipts from 2 35 gambling games under section 99F.11 to be deposited annually 3 1 in the wind energy loan fund. The purpose of the program is 3 2 to assist school districts and community colleges to purchase 3 3 and install wind energy conversion systems to convert the 3 4 kinetic energy of the wind to electricity to supply all or a 3 5 portion of the electricity needs of the school district or 3 6 community college. 3 7 To be eligible for a wind energy loan, a school district or 3 8 community college must provide a wind assessment study 3 9 indicating that the energy cost savings from the installation 3 10 of a wind energy conversion system would be greater than the 3 11 costs of implementation, an assurance that the school district 3 12 or community college will provide a 10 percent downpayment of 3 13 the overall costs to install the wind energy conversion 3 14 system, and a copy of a written agreement indicating that the 3 15 school district or community college has obtained local 3 16 financing for 30 percent of the overall costs to install the 3 17 wind energy conversion system. 3 18 The department may make loans to school districts and 3 19 community colleges in an amount which is equivalent to 60 3 20 percent of the overall costs to install the wind energy 3 21 conversion system. The interest rate for loans is to be no 3 22 greater than 5 percent. The bill authorizes the department 3 23 and a school district and community college to enter into 3 24 financing agreements providing for repayment and terms of the 3 25 wind energy loans. 3 26 LSB 1875HH 76 3 27 js/jj/8
Text: HF00232 Text: HF00234 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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