42.586 Bluegrass turns green private sector loan fund -- Purpose -- Eligibility -- Payback period -- Interest rate -- Administrative regulations.
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42.586 Bluegrass turns green private sector loan fund -- Purpose -- Eligibility --
Payback period -- Interest rate -- Administrative regulations.
(1) (a) The bluegrass turns green private sector loan fund is created as a separate
revolving fund. The fund shall be administered by the cabinet and shall <br>consist of: <br>1.
Proceeds from grants, contributions, appropriations, or other moneys <br>made available for purposes of the revolving fund;
2.
Loan repayments made by the private sector;
3.
Funds derived from the bond issuance authorized under 2008 Ky. Acts <br>ch. 139, sec. 28.
(b) Notwithstanding KRS 45.229, fund amounts not expended at the close of a
fiscal year shall not lapse but shall be carried forward to the next fiscal year. <br>Any interest earnings of the fund shall become part of the revolving fund and <br>shall not lapse.
(2) Revolving fund moneys shall be used by the cabinet to provide low-interest loans to
the private sector for engineered demand-side management projects in private sector <br>buildings. The cabinet shall not have more than one (1) loan outstanding at a time to <br>any private retail, commercial, or industrial business.
(3) To be eligible for a loan under this section, the cost of a proposed engineered
demand-side management project shall be at least five thousand dollars ($5,000) <br>and shall not exceed one million five hundred thousand dollars ($1,500,000) per <br>project.
(4) Beginning July 1, 2009, and ending June 30, 2013, the simple payback period for an
approved engineered demand-side management project shall be no more than five <br>(5) years. Beginning July 1, 2013, the cabinet may consider a simple payback period <br>of no more than twelve (12) years.
(5) The loans provided under this section shall be subject to the prime interest rate
minus one percent (1%).
(6) Moneys in the fund are hereby appropriated for the purposes set forth in subsection
(2) of this section.
(7) The cabinet shall not approve an applicant for a loan under this section, unless the
applicant: <br>(a) Can demonstrate that the applicant has no outstanding liabilities with the
Commonwealth;
(b) Can demonstrate that the applicant has a positive payment history with the
applicant's electricity provider for the preceding three (3) consecutive years;
(c) Agrees to undergo and pay for an energy audit to establish a baseline of
energy consumption; and
(d) Meets all the requirements established in this section and any administrative
regulations promulgated thereunder.
Effective: February 25, 2010
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History: Repealed and reenacted 2010 Ky. Acts ch. 5, sec. 23, effective February 25,
2010. -- Created 2008 Ky. Acts ch. 139, sec. 24, effective July 15, 2008.
Legislative Research Commission Note (2/25/2010). 2010 Ky. Acts ch. 5, sec. 28,
provides that the repeal and reenactment of this section in that Act "shall apply <br>retroactively to July 15, 2008."
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