§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 Conservation and Energy.
(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 Conservation and Energy, 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 Conservation and Energy, 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.