Maryland Public Utility Companies Section 7-707

      (a)      There is a Maryland Renewable Energy Fund.

      (b)      The purpose of the Fund is to encourage the development of resources to generate renewable energy in the State.

      (c)      Subject to oversight by the Commission, the Administration shall administer the Fund.

      (d)      (1)      The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

            (2)      The Treasurer shall hold the Fund separately and the Comptroller shall account for the Fund.

      (e)      The Fund consists of:

            (1)      compliance fees paid under § 7-705 of this subtitle;

            (2)      payments received in repayment of a loan;

            (3)      investment earnings of the Fund; and

            (4)      any other money from any other source accepted for the benefit of the Fund.

      (f)      (1)      The Fund may be used only to make loans and grants to support the creation of new Tier 1 renewable energy sources in the State.

            (2)      By regulation the Commission shall adopt eligibility criteria for projects supported by the Fund.

            (3)      (i)      The Administration shall receive and review applications for loans and grants for eligible projects.

                  (ii)      The Administration shall approve or disapprove applications for loans and grants from the Fund.

            (4)      (i)      Subject to subparagraph (ii) of this paragraph, the Commission may allow the use of money of the Fund for administrative expenses related to the Fund and project review and oversight.

                  (ii)      The Administration and the Commission may not spend more than 10% of the funds placed in the Fund for administrative expenses.

      (g)      (1)      The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

            (2)      Any investment earnings of the Fund shall be credited to the Fund.