CSHB 196(ENE): "An Act relating to the alternative energy revolving loan fund; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 196(ENE) 01 "An Act relating to the alternative energy revolving loan fund; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 45.88.010 is amended by adding a new subsection to read: 05 (e) The fund consists of 06 (1) money appropriated to the fund by the legislature; 07 (2) gifts, bequests, or contributions from other sources; and 08 (3) principal and interest payments or other income earned on loans or 09 investments in the fund and appropriated to the fund. 10 * Sec. 2. AS 45.88.020(a) is amended to read: 11 (a) The department may 12 (1) make loans for the purchase, construction, and installation of 13 alternative energy systems that are located in the state; 14 (2) adopt regulations necessary to carry out the provisions of
01 AS 45.88.010 - 45.88.090, including regulations to establish reasonable fees for 02 services provided and charges for collecting the fees; 03 (3) collect the fees and collection charges established under this 04 subsection. 05 * Sec. 3. AS 45.88.030 is amended by adding new subsections to read: 06 (f) A loan must be secured by a mortgage or other security instrument in the 07 real property to be improved, and a lien on the improvements financed under 08 AS 45.88.010. 09 (g) The interest rate 10 (1) may not exceed the maximum rate of eight percent a year and may 11 not be less than five percent a year; 12 (2) shall be established by the department based on the bank prime rate 13 listed in the Wall Street Journal during the previous quarter plus one percentage point, 14 set to the nearest one-half point for loans made; and 15 (3) set for a quarter remains in effect until the department changes the 16 rate. 17 * Sec. 4. AS 45.88.090(a) is amended to read: 18 (a) In AS 45.88.010 - 45.88.090, "alternative energy system" 19 (1) means a source of thermal, mechanical, or electrical energy that 20 [WHICH] is not dependent on oil or gas or a nuclear fuel for the supply of energy for 21 space heating and cooling, refrigeration and cold storage, electrical power, mechanical 22 power, or the heating of water; 23 (2) includes 24 (A) an alternative energy property as defined by 26 U.S.C. 25 48(a)(3)(A) (Sec. 301, P.L. 95-618, Internal Revenue Code); 26 (B) a method of architectural design and construction which 27 provides for the collection, storage, and use of direct radiation from the sun; 28 (C) a woodstove with a catalytic converter or a catalytic 29 converter for a wood stove; [AND] 30 (D) a steam, hot water, or ducted hot air central heating system 31 that uses wood or coal for fuel; and
01 (E) a high efficiency wood pellet stove; 02 (3) does not include 03 (A) a stove that uses only [WOOD,] coal, [OR] oil, or 04 unprocessed wood for fuel; or 05 (B) a fireplace or fireplace insert. 06 * Sec. 5. AS 45.88.010(c), 45.88.030(e), and 45.88.040(a) are repealed. 07 * Sec. 6. This Act takes effect immediately under AS 01.10.070(c).