2014 Kentucky Revised Statutes CHAPTER 103 - REVENUE BONDS FOR MISCELLANEOUS CITY OR COUNTY PROJECTS 103.282 Issuance of bonds to assist small or medium-sized manufacturers with energy efficiency projects through guaranteed energy savings contracts.
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103.282 Issuance of bonds to assist small or medium-sized manufacturers
with energy efficiency projects through guaranteed energy savings
contracts.
(1)
(2)
(3)
As used in this section:
(a) "Energy service company" means an entity in the business of providing
evaluation, design, implementation, installation, measurement and
verification, and other related services under guaranteed energy savings
contracts;
(b) "Guaranteed energy savings contract" means a contract for the
evaluation and recommendation of energy, water, and wastewater
conservation measures and for implementation of one (1) or more of
those measures. The contract may provide that payments, except
obligations on termination of the contract before its expiration, are to be
made over time and shall provide that the savings are guaranteed to the
extent necessary to make payments for the cost of the design,
installation, and maintenance of energy, water, and wastewater
conservation measures; and
(c) "Small or medium-sized manufacturer" means any existing business
entity organized for profit that is operating an industrial building used as a
manufacturing facility in the Commonwealth, and that has three hundred
(300) or fewer full-time employees located at that manufacturing facility at
the time bonds are to be issued pursuant to this section.
In order to further the purposes stated in KRS 103.210 and to advance the
Commonwealth's goals of achieving a greater proportion of its energy needs
through increased efficiency and conservation in the private sector, bonds may
be issued by any city, county, air board, riverport authority, or the Kentucky
Economic Development Finance Authority to assist a small or medium-sized
manufacturer with developing or improving its manufacturing facilities through
the use of a guaranteed energy savings contract to increase the energy
efficiency thereof.
Bonds shall only be issued pursuant to this section if:
(a) The energy efficiency project being undertaken through the guaranteed
energy savings contract is to be performed by a qualified provider as
defined in KRS 45A.345; and
(b) The energy service company provides a guarantee that the project will
achieve a reduction in energy consumption:
1.
That is measurable and verifiable; and
2.
Which will result in cost savings that are equal to or greater than the
cost of the project within a seven (7) year payback period.
Effective:July 15, 2014
History: Created 2014 Ky. Acts ch. 131, sec. 7, effective July 15, 2014.
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