§1419.5. Use of the alternative fuels loan fund

            Money from the alternative fuels loan fund may be used:

            (1) To provide loans at or below market interest rates for a period not to exceed ten years from the completion date of the conversion of all or a portion of local governing authorities' fleets of motor vehicles to qualified clean fuel vehicles propelled by alternative fuels which are financed by the loans. The loans shall be subject to approval by the Department of Energy and Natural Resources.

            (2) To purchase or refinance, at an interest rate that is less than or equal to the market interest rate, debt obligations arising from the program.

            (3) To guarantee or purchase insurance for debt obligations arising from the program, if the total proceeds of such debt obligation support a fleet conversion eligible for assistance under this Subpart, or if such guarantee or purchase of insurance would improve credit market access or reduce the interest rate applicable for the obligation.

            (4) To provide a source of revenue or security for the payment of principal, interest, or premium on revenue or general obligation bonds or other evidences of indebtedness issued by the Department of Energy and Natural Resources, or any political subdivision, governmental agency, public corporation, public trust, or any other entity having the authority to issue debt for or on behalf of the state, if the net proceeds of the debt instruments are deposited in the alternative fuels loan fund, are used to finance a fleet conversion approved by the Department of Energy and Natural Resources, or are used to refund any obligation which finances a fleet conversion approved under this Subpart.

            Acts 2010, No. 118, §1, eff. July 1, 2010; Acts 2023, No. 150, §8, eff. Jan. 10, 2024.