476.46  ALTERNATE ENERGY REVOLVING LOAN PROGRAM.
         1.  The Iowa energy center created under section 266.39C shall
      establish and administer an alternate energy revolving loan program
      to encourage the development of alternate energy production
      facilities and small hydro facilities within the state.
         2. a.  An alternate energy revolving loan fund is created in
      the office of the treasurer of state to be administered by the Iowa
      energy center.
         b.  The fund shall include moneys remitted to the fund
      pursuant to subsection 3 and any other moneys appropriated or
      otherwise directed to the fund.
         c.  Moneys in the fund shall be used to provide loans for the
      construction of alternate energy production facilities or small hydro
      facilities as defined in section 476.42.
         d. (1)  A gas or electric utility that is not required to be
      rate-regulated shall not be eligible for a loan under this section.
      However, gas and electric utilities not required to be rate-regulated
      shall be eligible for loans from moneys remitted to the fund except
      as provided in subsection 3.  Such loans shall be limited to a
      maximum of five hundred thousand dollars per applicant and shall be
      limited to one loan every two years.
         (2)  A facility shall be eligible for no more than one million
      dollars in loans outstanding at any time under this program.
         e. (1)  Each loan shall be for a period not to exceed twenty
      years, shall bear no interest, and shall be repayable to the fund
      created under this section in installments as determined by the Iowa
      energy center.  The interest rate upon delinquent payments shall
      accelerate immediately to the current legal usury limit.
         (2)  Any loan made pursuant to this program shall become due for
      payment upon sale of the facility for which the loan was made.
         (3)  Interest on the fund shall be deposited in the fund.  A
      portion of the interest on the fund, not to exceed fifty percent of
      the total interest accrued, shall be used for promotion and
      administration of the fund.
         f.  Section 8.33 shall not apply to the moneys in the fund.
         3.  The board shall direct all gas and electric utilities required
      to be rate-regulated to remit to the treasurer of state by July 1,
      1996, eighty-five one-thousandths of one percent of the total gross
      operating revenues during calendar year 1995 derived from their
      intrastate public utility operations, by July 1, 1997, eighty-five
      one-thousandths of one percent of the total gross operating revenues
      during calendar year 1996 derived from their intrastate public
      utility operations and by July 1, 1998, eighty-five one-thousandths
      of one percent of the total gross operating revenues during calendar
      year 1997 derived from their intrastate public utility operations.
      The amounts collected pursuant to this section shall be in addition
      to the amounts permitted to be assessed pursuant to section 476.10
      and the amounts assessed pursuant to section 476.10A.  The board
      shall allow inclusion of these amounts in the budgets approved by the
      board pursuant to section 476.6, subsection 16, paragraph "e".
      

         Section History: Recent Form

         96 Acts, ch 1196, §11; 2002 Acts, ch 1109, §4; 2008 Acts, ch 1126,
      §31, 33; 2009 Acts, ch 173, §35, 36
         Referred to in § 476.10A