The General Assembly of North Carolina enacts:
SECTION 1. Part 3 of Article 36 of Chapter 143 of the General Statutes reads as rewritten:
"Part 3. Business Energy
Improvement Loan Program.
"§ 143‑345.16. Short title.
This Part shall be known as the Business
Energy Improvement Loan Program.
"§ 143‑345.17. Legislative findings and purpose.
The General Assembly finds and
declares that it is in the best interest of the citizens of North Carolina to
promote and encourage energy efficiency within the State's industrial and
commercial base State in order to conserve energy, promote economic
competitiveness, and expand employment in the State.
"§ 143‑345.18. Lead agency; powers and duties.
(a) For the purposes of this
Part, the Department of Administration Administration, State Energy
Office, is designated as the lead State agency in matters pertaining to industrial
and commercial energy conservation. energy efficiency.
(b) The Department shall have the following powers and duties with respect to this Part:
(1) To provide industrial and
commercial concerns doing business in North Carolina Carolina, local governmental
units, and nonprofit organizations operating in North Carolina with information
and assistance in undertaking energy conserving capital improvement
projects to enhance industrial and commercial capacity.efficiency.
(2) To establish a revolving
fund within the Department for the purpose of providing secured loans in
amounts not greater than five hundred thousand dollars ($500,000) per business
entity to install energy‑efficient capital improvements (i) within
businesses or nonprofit organizations located within or translocating to
North Carolina Carolina, and (ii) within local governmental units.
In providing these loans, priority shall be given to businesses
entities already located in the State.
(2a) To develop and adopt rules to allow State-regulated financial institutions to provide secured loans to corporate entities, nonprofit organizations, and local governmental units in accordance with terms and criteria established by the Department.
(3) To work with appropriate State and federal agencies to develop and implement rules and regulations to facilitate this program.
(c) The annual interest rate
charged for the use of the funds from the revolving fund established pursuant
to subdivision (b)(2) of this section shall be one-half of the 90-day rate
for United States Treasury Bills, not to exceed five percent (5%) per annum, three
percent (3%) per annum, excluding other fees required for loan application
review and origination. The term of any loan originated under this section may
not be greater than seven 10 years.
(c1) Notwithstanding subsection (c) of this section, the Department shall adopt rules to allow loans to be made from the revolving loan fund and by State-regulated financial institutions at interest rates as low as one percent (1%) per annum for certain energy efficient and conservation projects such as recycling and renewable energy to encourage their development and use.
(d) In accordance with the terms of the Stripper Well Settlement, administrative expenses for activities under this section shall be limited to five percent (5%) of funds appropriated for this purpose.
(e) For purposes of this section:
(1) 'Local governmental unit' means any board or governing body of a political subdivision of the State, including any board of a community college, any school board, or an agency, commission, or authority of a political subdivision of the State.
(2) 'Nonprofit organization' means an organization that is exempt from federal income taxation under section 501(c)(3) of the Internal Revenue Code."
SECTION 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 23rd day of July, 2001.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 11:35 a.m. this 3rd day of August, 2001