House Journal: Page 1475: Monday, April 28, 2003
45 a. The person is a business association organized
46 as a cooperative association under chapter 499 or 501,
47 or a limited liability company organized under chapter
48 490A. Qualified persons as defined in section 10.1
49 must hold at least fifty-one percent of the business
50 association, including fifty-one percent of each class
Page 3
1 of or groups of members' equity. As used in this
2 paragraph, "members' equity" includes but is not
3 limited to issued shares, including common stock or
4 preferred stock, regardless of distributions, and
5 membership interests. However, "members' equity" does
6 not include nonvoting interests such as nonvoting
7 common stock or nonvoting membership interests. A
8 security such as a warrant or option that may be
9 converted to voting stock shall be considered members'
10 equity.
11 b. The person demonstrates financial capability
12 and technical expertise necessary for the processing
13 of soybean oil into biodiesel stock used to produce
14 biodiesel-blended fuel. The department may require
15 that the person submit a business plan which includes
16 a description of how the financing will be used, and a
17 description of how the person expects the business
18 association to become profitable.
19 3. a. The department may provide financing to an
20 eligible person upon review and evaluation of the
21 person's application according to procedures adopted
22 by the department. Financing shall be in the form of
23 a grant, loan, forgivable loan, loan guarantee, cost
24 share, indemnification of costs, or any combination of
25 such financing deemed appropriate by the department.
26 The department shall not approve an application to
27 refinance an existing loan. If moneys are repaid to
28 the department pursuant to a loan agreement, the
29 moneys shall be deposited into the biodiesel fuel
30 promotion fund established in section 15E.114.
31 b. An eligible person who receives financing under
32 this section shall prepare and deliver an annual
33 report to the administrative unit of the department of
34 natural resources designated by the department to
35 analyze issues relating to energy. A copy of the
36 report shall be delivered to the department of
37 economic development. The report shall at least
38 include the total volume of biodiesel stock produced
39 during the last year by the eligible person at each
40 business location which benefits from the financing.
41 Sec. 4. NEW SECTION. 15E.114 BIODIESEL FUEL
42 PROMOTION FUND.
43 1. A biodiesel fuel promotion fund is created in
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League of Women Voters of Iowa
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