<br><br> <br>Page 1 of 2 <br>42.586 Bluegrass turns green private sector loan fund -- Purpose -- Eligibility -- <br>Payback period -- Interest rate -- Administrative regulations. <br>(1) (a) The bluegrass turns green private sector loan fund is created as a separate <br>revolving fund. The fund shall be administered by the cabinet and shall <br>consist of: <br>1. <br>Proceeds from grants, contributions, appropriations, or other moneys <br>made available for purposes of the revolving fund; <br>2. <br>Loan repayments made by the private sector; <br>3. <br>Funds derived from the bond issuance authorized under 2008 Ky. Acts <br>ch. 139, sec. 28. <br>(b) Notwithstanding KRS 45.229, fund amounts not expended at the close of a <br>fiscal year shall not lapse but shall be carried forward to the next fiscal year. <br>Any interest earnings of the fund shall become part of the revolving fund and <br>shall not lapse. <br>(2) Revolving fund moneys shall be used by the cabinet to provide low-interest loans to <br>the private sector for engineered demand-side management projects in private sector <br>buildings. The cabinet shall not have more than one (1) loan outstanding at a time to <br>any private retail, commercial, or industrial business. <br>(3) To be eligible for a loan under this section, the cost of a proposed engineered <br>demand-side management project shall be at least five thousand dollars ($5,000) <br>and shall not exceed one million five hundred thousand dollars ($1,500,000) per <br>project. <br>(4) Beginning July 1, 2009, and ending June 30, 2013, the simple payback period for an <br>approved engineered demand-side management project shall be no more than five <br>(5) years. Beginning July 1, 2013, the cabinet may consider a simple payback period <br>of no more than twelve (12) years. <br>(5) The loans provided under this section shall be subject to the prime interest rate <br>minus one percent (1%). <br>(6) Moneys in the fund are hereby appropriated for the purposes set forth in subsection <br>(2) of this section. <br>(7) The cabinet shall not approve an applicant for a loan under this section, unless the <br>applicant: <br>(a) Can demonstrate that the applicant has no outstanding liabilities with the <br>Commonwealth; <br>(b) Can demonstrate that the applicant has a positive payment history with the <br>applicant's electricity provider for the preceding three (3) consecutive years; <br>(c) Agrees to undergo and pay for an energy audit to establish a baseline of <br>energy consumption; and <br>(d) Meets all the requirements established in this section and any administrative <br>regulations promulgated thereunder. <br>Effective: February 25, 2010 <br><br> <br>Page 2 of 2 <br>History: Repealed and reenacted 2010 Ky. Acts ch. 5, sec. 23, effective February 25, <br>2010. -- Created 2008 Ky. Acts ch. 139, sec. 24, effective July 15, 2008. <br>Legislative Research Commission Note (2/25/2010). 2010 Ky. Acts ch. 5, sec. 28, <br>provides that the repeal and reenactment of this section in that Act "shall apply <br>retroactively to July 15, 2008." <br><br>