2005 Rhode Island Code - § 37-8-17.2 — Energy revolving fund.

    (a) There is hereby created as a separate fund within the treasury the energy revolving fund which shall be administered by the general treasurer in accordance with the same laws and fiscal procedures as the general funds of the state. The fund shall consist of such sums as the state may from time to time appropriate, as well as money received from the federal government, gifts, bequests, donations, utility provided subsidies, or otherwise from any public or private source, which money is intended to implement and encourage energy efficiency and cost reduction measures in state and municipal owned and leased facilities or alternative fuel vehicles.

   (b) All money placed in the energy revolving fund shall be made available to make loans for the purchase of or lease of alternative fuel vehicles the implementation of energy conservation and energy cost reduction measures, water conservation, and water and sewer cost reduction measures in facilities and buildings owned or leased by the state of Rhode Island or buildings owned by municipal governments. This funding will become available to municipal governments on January 1, 1999.

   (c) Loans made under the provisions of this section may be made directly, or in cooperation with other lenders or any agency, department, or bureau of the federal government or state of Rhode Island. The proceeds from the repayment of any loans made for that purpose shall be deposited in and returned to the energy revolving fund, to constitute a continuing revolving fund for the purposes listed above.

   (d) The Rhode Island state energy office of the Rhode Island department of administration shall adopt rules and regulations consistent with the purposes of this chapter and chapter 35 of title 42, administrative procedures, which provide for an orderly and equitable disbursement and repayment of funds.