1. The Iowa energy center created under section 15.120 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.

Terms Used In Iowa Code 476.46

  • 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
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
 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 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. 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.
 f. Section 8.33 shall not apply to the moneys in the fund.
 3. The Iowa energy center shall not initiate any new loans under this section after June 30, 2021.
 4. Loan payments received under this section on or after July 1, 2021, and any other moneys in the fund on or after July 1, 2021, shall be deposited in the energy infrastructure revolving loan fund created in section 476.46A.