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House Bill 1669


House Bill 1669

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB 1669 (Updated April 29, 2009 5:13 pm - DI 113)


Geothermal conversion loans and energy efficiency. Establishes the geothermal conversion revolving fund (revolving fund) for the purpose of making loans to school corporations that: (1) install a geothermal heating and cooling system in a new facility; or (2) install a geothermal heating and cooling system that replaces a conventional heating and cooling system. Provides that the revolving fund is administered by the Indiana bond bank (bank). Requires the bank to establish a written procedure for providing loans from the revolving fund to school corporations. Specifies that a loan from the revolving fund may not exceed the difference between: (1) the cost of installing a geothermal heating and cooling system; and (2) the cost of installing a conventional heating and cooling system. Requires a school corporation to enter into a loan agreement with the bank before receiving a loan from the revolving fund. Requires the bank to report annually to the budget committee concerning the projects funded with loans from the revolving fund. Provides that the maximum term of a guaranteed energy cost savings contract or utility efficiency program is 20 years. (Current law provides for maximum terms of 10 and 15 years.) Amends the statute governing local public works projects to state that a political subdivision or its agencies may: (1) participate in a utility efficiency program or may enter into a guaranteed savings contract as provided by law; and (2) enter into a design-build contract as permitted by law instead of awarding a public works contract. Provides that a "conservation measure" includes installation of insulation in a political subdivision's facility.
Current Status:
 Law Enacted
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