as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to economic development; creating a renewable 1.3 development account in the state treasury and 1.4 providing financial assistance for the development of 1.5 renewable energy; proposing coding for new law in 1.6 Minnesota Statutes, chapter 116J. 1.7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.8 Section 1. [116J.56] [FUNDING FOR RENEWABLE DEVELOPMENT.] 1.9 Subdivision 1. [RENEWABLE DEVELOPMENT ACCOUNT.] A 1.10 renewable development account is established as an account in 1.11 the state treasury. Earnings, such as interest, dividends, and 1.12 any other earnings arising from account assets, must be credited 1.13 to the account. Money in the account may be used, as 1.14 appropriated by law, by the commissioner of trade and economic 1.15 development to make grants and provide financial assistance as 1.16 provided in this section and to pay the department's costs of 1.17 administering this section. 1.18 Subd. 2. [ACCOUNT PURPOSES.] Funds in the account may be 1.19 used to: 1.20 (1) provide financial assistance to develop renewable 1.21 energy technology including wind, biomass, photovoltaics, and 1.22 low-head hydropower, but excluding ethanol; 1.23 (2) provide financial assistance to develop high efficiency 1.24 state-of-the-art energy technology involving nonrenewable energy 1.25 resources if a proposal has high potential for energy savings 1.26 for the state; 2.1 (3) facilitate the transfer of technology from research to 2.2 the marketplace of projects that would be eligible for 2.3 assistance under clause (1) or (2); and 2.4 (4) assist in information and educational programs designed 2.5 to promote understanding and knowledge of projects that would be 2.6 eligible for assistance under clause (1) or (2). 2.7 Projects eligible for financial assistance must include a 2.8 pilot or demonstration program which utilizes innovative energy 2.9 technology. 2.10 Subd. 3. [FINANCIAL ASSISTANCE.] Financial assistance may, 2.11 without limitation, include: 2.12 (1) interest rate write-downs; 2.13 (2) direct loans; 2.14 (3) loan guarantees; and 2.15 (4) grants, both matching and unmatched. 2.16 Sec. 2. [DEPARTMENT TO RECOMMEND CRITERIA.] 2.17 The commissioner of trade and economic development shall 2.18 develop and submit to the legislature by January 15, 1999, 2.19 recommendations regarding the criteria by which financial 2.20 assistance under Minnesota Statutes, section 116J.56, should be 2.21 provided and priorities established.