(a) Any state agency may apply for financing, subject to availability under the revolving line of credit for fiscal year 2021-2022, and annually thereafter, from the green infrastructure loan program pursuant to section 196-65(b)(2), upon terms and conditions as are agreed to between the department or agency and the Hawaii green infrastructure authority; provided that the loans shall be issued at an interest rate of 3.5 per cent a year; provided further that the loans shall not adversely affect the sustainability of the sub-fund or Hawaii green infrastructure special fund such that the replenishment of funds requires a higher interest rate in other financing agreements or an appropriation from the general fund.

Terms Used In Hawaii Revised Statutes 196-62.5

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Authority: means the Hawaii green infrastructure authority as established under section 196-63. See Hawaii Revised Statutes 196-61
  • Department: means the department of business, economic development, and tourism, or any successor by law. See Hawaii Revised Statutes 196-61
  • Director: means the director of business, economic development, and tourism, or the director's designee. See Hawaii Revised Statutes 196-61
  • Energy: means work or heat that is, or may be, produced from any fuel or source whatsoever. See Hawaii Revised Statutes 196-2
  • Energy-efficiency measure: means any type of project conducted, or technology implemented, to reduce the consumption of energy in a public building. See Hawaii Revised Statutes 196-61
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fuel: means fuels, whether liquid, solid, or gaseous, commercially usable for energy needs, power generation, and fuels manufacture, that may be manufactured, grown, produced, or imported into the State or that may be exported therefrom, including petroleum and petroleum products and gases to include all fossil fuel-based gases, coal tar, vegetable ferments, biomass, municipal solid waste, biofuels, hydrogen, agricultural products used as fuels and as feedstock to produce fuels, and all fuel alcohols. See Hawaii Revised Statutes 196-2
  • Green infrastructure special fund: means the special fund created pursuant to section 196-67. See Hawaii Revised Statutes 196-61
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Revolving line of credit: means a type of credit in which loan advances are made for eligible purposes and where repaid principal deposited back into the sub-fund may be re-borrowed. See Hawaii Revised Statutes 196-61
  • Sub-fund: means a separate fund established within the Hawaii green infrastructure special fund for a specific purpose. See Hawaii Revised Statutes 196-61
(b) As may be applicable, an agency shall consult with the public benefits fee administrator of the commission prior to planning an energy-efficiency measure subject to this section. The agency’s proposed energy-efficiency measures shall meet or exceed the public benefits fee administrator’s enhanced efficiency levels and requirements to be eligible for the Hawaii green infrastructure loan program. The agency shall coordinate with the public benefits fee administrator throughout the entire project cycle to ensure that energy efficiency is maximized. All supporting documentation required by the public benefits fee administrator shall be provided by the agency to ensure compliance with the State’s energy-efficiency portfolio standard under section 269-96.
(c) An agency shall submit an expenditure plan to the executive director of the Hawaii green infrastructure authority, who shall serve as the fiscal administrator for the loans issued pursuant to subsection (a) and shall make payment on behalf of the agency, as appropriate, upon submission of requests for payment from the agency.
(d) Beginning with fiscal year 2021-2022, and annually thereafter, an agency shall repay a loan issued pursuant to subsection (a) using general revenue savings that result from reduced energy costs due to financing the purchase of solar energy systems or other clean energy equipment, implementing energy-efficient lighting and other energy-efficiency measures, as well as operational and fuel cost savings achieved by the conversion of internal combustion vehicles to electric vehicles.

  Previous
Next  
 Part IV Contents