00                             HOUSE BILL NO. 239                                                                          
01 "An Act creating a diesel plant energy efficiency loan and grant fund."                                                 
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 42.45 is amended by adding a new section to read:                                                  
04            Sec. 42.45.035. Diesel plant energy efficiency loan and grant fund. (a) The                                
05       diesel plant energy efficiency loan and grant fund is established in the authority. The                           
06       fund consists of                                                                                                  
07                 (1)  appropriations made to the fund; and                                                               
08                 (2)  gifts, bequests, contributions from other sources, and federal                                     
09       money appropriated to the fund.                                                                                   
10            (b)  The authority may make loans or grants from the fund to a diesel plant that                             
11       serves a municipality or unincorporated community with a population of less than                                  
12       7,500 for energy efficiency upgrades to the plant.                                                                
13            (c)  The authority may only consider loan or grant applications under this                                   
14       section for projects that will achieve a cost savings because of energy efficiency                                
15       upgrades in excess of the amount of the loan or grant received within 15 years after                              
01       the date the loan or grant was made. The authority shall give priority to loan or grant                           
02       applicants that propose the shortest amount of time for achieving cost savings because                            
03       of energy efficiency upgrades in excess of the amount of the grant or loan received.                              
04            (d)  The authority shall adopt regulations necessary to carry out the provisions                             
05       of this section.