2005 Rhode Island Code - § 39-26-7 — Renewable energy development fund.

    (a) There is hereby authorized and created within the economic development corporation a renewable energy development fund for the purpose of increasing the supply of NE-GIS certificates available for compliance in future years by obligated entities with renewable energy standard requirements, as established in this chapter. The fund shall be located at and administered by the Rhode Island Economic Development Corporation and shall have a board of trustees of five (5) members as follows: the executive director of the economic development corporation, who shall be chairman, the director of the department of administration or a designee of the director, the administrator of the division of public utilities, and two (2) public members appointed by the governor with advice and consent of the senate, who shall serve terms of three (3) years, provided however that no public members may serve more than two (2) consecutive (3) three year terms. One of the public members shall be a representative of an organization that advocates for renewable energy development. Each member shall hold office for the term appointed and until the member's successor shall have been duly appointed and qualified, or until the member's earlier death, resignation or removal. Members of the board of trustees of the fund shall receive no compensation for the performance of their duties, but may be reimbursed for reasonable expenses incurred in carrying out those duties. The board of trustees shall recommend to the economic development corporation:

   (1) Plans and guidelines for the management and use of the fund, and

   (2) Its evaluation of proposals and/or actions to obligate, use and/or sell, dispose, trade or exchange assets held by the fund. The board of trustees shall have the power to adopt, with the approval of the economic development corporation, such by-laws as may be necessary or convenient for the conduct of its affairs.

   (b) The economic development corporation shall enter into agreements with obligated entities to accept alternative compliance payments, consistent with rules of the commission and the purposes set forth in this section; and alternative compliance payments received pursuant to this section shall be trust funds to be held and applied solely for the purposes set forth in this section.

   (c) The uses of the fund shall include but not be limited to:

   (1) Stimulating investment in renewable energy development by entering into agreements, including multi-year agreements, for renewable energy certificates;

   (2) Issuing assurances and/or guarantees to support the acquisition of renewable energy certificates and/or the development of new renewable energy sources for Rhode Island;

   (3) Establishing escrows, reserves, and/or acquiring insurance for the obligations of the fund;

   (4) Paying administrative costs of the fund incurred by the economic development corporation or the board of trustees, not to exceed ten percent (10%) of the income of the fund, including but not limited to alternative compliance payments.

   (d) NE-GIS certificates acquired through the fund may be conveyed to obligated entities or may be credited against the renewable energy standard for the year of the certificate provided that the commission assesses the cost of the certificates to the obligated entity, or entities, benefiting from the credit against the renewable energy standard, which assessment shall be reduced by previously made alternative compliance payments and shall be paid to the fund.