2011 Connecticut Code
Title 16a Planning and Energy Policy
Chapter 298 Energy Utilization and Conservation
Sec. 16a-40f. Green Connecticut Loan Guaranty Fund program.

      Sec. 16a-40f. Green Connecticut Loan Guaranty Fund program. (a) For the purposes of this section:

      (1) "Participating qualified nonprofit organizations" means individuals, nonprofit organizations and small businesses;

      (2) "Small business" means a business entity employing not more than fifty full-time employees;

      (3) "Eligible energy conservation project" means an energy conservation project meeting the criteria identified, as provided in subsection (d) of this section; and

      (4) "Participating lending institution" means any bank, trust company, savings bank, savings and loan association or credit union, whether chartered by the United States of America or this state, or any insurance company authorized to do business in this state that participates in the Green Connecticut Loan Guaranty Fund program.

      (b) The Connecticut Health and Educational Facilities Authority shall establish the Green Connecticut Loan Guaranty Fund program from the proceeds of the bonds issued pursuant to section 16a-40d for the purpose of guaranteeing loans made by participating lending institutions to a participating qualified nonprofit organization for eligible energy conservation projects, including for two or more joint eligible energy conservation projects. In carrying out the purposes of this section, the authority shall have and may exercise the powers provided in section 10a-180.

      (c) Participating qualified nonprofit organizations may borrow money from a participating lending institution for any energy conservation project for which the authority provides guaranties pursuant to this section. In connection with the provision of such a guaranty by the Connecticut Health and Educational Facilities Authority, (1) a participating qualified nonprofit organization shall enter into any loan or other agreement and make such covenants, representations and indemnities as a participating lending institution deems necessary or appropriate; and (2) a participating lending institution shall enter into a guaranty agreement with the authority, pursuant to which the authority has agreed to provide a first loss guaranty of an agreed percentage of the original principal amount of loans for eligible energy conservation projects.

      (d) In consultation with the Office of Policy and Management, the Connecticut Health and Educational Facilities Authority shall identify types of projects that qualify as eligible energy conservation projects, including, but not limited to, the purchase and installation of insulation, alternative energy devices, energy conservation materials, replacement furnaces and boilers, and technologically advanced energy-conserving equipment. The authority, in consultation with said office, shall establish priorities for financing eligible energy conservation projects based on need and quality determinants. The authority shall adopt procedures, in accordance with the provisions of section 1-121, to implement the provisions of this section.

      (P.A. 10-179, S. 135.)

      History: P.A. 10-179 effective May 7, 2010.