73rd OREGON LEGISLATIVE ASSEMBLY--2005 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 2510
Senate Bill 834
Sponsored by Senator NELSON
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Establishes Community Renewable Energy Project Fund. Specifies
purposes of fund.
Authorizes issuance of up to $1 million in lottery bonds for
financing Community Renewable Energy Project Fund.
Directs State Department of Energy to establish program for
funding of feasibility studies of small scale local and community
renewable energy projects. Specifies that entities eligible for
small scale local energy project loans may apply for loan from
Community Renewable Energy Project Fund. Allows Director of State
Department of Energy to forgive loan obligation if project not
built.
A BILL FOR AN ACT
Relating to feasibility studies of energy projects; and
appropriating money.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + (1) For the biennium beginning July 1, 2005,
pursuant to ORS 286.560 to 286.580, the State Treasurer, at the
request of the State Department of Energy, may issue lottery
bonds to provide financial and other assistance for which the
Community Renewable Energy Project Fund established in section 3
of this 2005 Act may be used.
(2) The use of lottery bond proceeds is authorized based on the
following findings:
(a) Financial and other assistance to local governments will
enable the governments to conduct feasibility studies of
community renewable energy projects and small scale local energy
projects.
(b) Community renewable energy projects and small scale local
energy projects that contain renewable energy elements promote
job growth, family wage jobs and sustainability.
(c) Without the ability to conduct feasibility studies, many
small scale local and community renewable energy projects will
not be developed.
(d) Financial and other assistance to local governments will
therefore further economic development by allowing feasibility
studies to be completed and spurring job growth in Oregon through
the creation of small scale local and community renewable energy
projects.
(3) The aggregate principal amount of lottery bonds issued
pursuant to this section may not exceed $1 million, plus an
additional amount established by the State Treasurer to be
necessary to pay bond-related costs.
(4) The net proceeds of lottery bonds issued pursuant to this
section must be deposited in the Community Renewable Energy
Project Fund established in section 3 of this 2005 Act.
(5) The net proceeds of lottery bonds issued pursuant to this
section may be used only for the purposes for which moneys in the
Community Renewable Energy Project Fund may be used and for
bond-related costs. + }
SECTION 2. { + Sections 3 and 4 of this 2005 Act are added to
and made a part of ORS chapter 470. + }
SECTION 3. { + (1) The Community Renewable Energy Project Fund
is established separate and distinct from the General Fund.
Interest earned on the Community Renewable Energy Project Fund
shall be credited to the fund.
(2) The fund consists of lottery bond proceeds deposited in the
fund, moneys appropriated to the fund by the Legislative Assembly
and moneys from repayment of loans made from the fund.
(3) The moneys in the Community Renewable Energy Project Fund
are continuously appropriated to the State Department of Energy
for the purpose of making loans to any entity eligible to apply
for a small scale local energy project loan under ORS 470.060 so
that the entity may conduct feasibility studies of small scale
local and community renewable energy projects.
(4) Eligibility for assistance from the fund shall be subject
to the availability of moneys in the fund and limited to those
entities applying for loans from the fund pursuant to section 4
of this 2005 Act. + }
SECTION 4. { + (1) The State Department of Energy shall
establish a program for the funding of feasibility studies of
small scale local and community renewable energy projects by the
Community Renewable Energy Project Fund established in section 3
of this 2005 Act.
(2) Applications to obtain a loan to fund a feasibility study
shall be made in writing and in a form established by the
department. Applications submitted to the department shall:
(a) Describe the nature and purpose of the proposed energy
project;
(b) Specify the local community and local government support
for the project;
(c) Include a description of the renewable energy technology
proposed; and
(d) Meet minimum project standards established by the
department.
(3) Entities eligible to apply for a small scale local energy
project loan pursuant to ORS 470.060 are eligible to apply for
loans from the Community Renewable Energy Project Fund under the
program.
(4) An entity applying for a loan from the Community Renewable
Energy Project Fund under the program shall pay all the costs of
processing a loan and shall pay an application fee in an amount
determined by the department by rule.
(5) The department shall establish loan repayment terms and
conditions. However, the Director of the State Department of
Energy may release an entity borrowing money under the program
from any loan obligation if the project for which the feasibility
study is conducted is not developed. + }
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