|Senate Counsel & Research||State of Minnesota|
|S.F. No. 904 - Geothermal Heating and Cooling Revolving Loan Fund|
|Author:||Senator Gary Kubly|
|Prepared by:||John C. Fuller, Senate Counsel (651/296-3914)|
|Date:||February 22, 2007|
Section 1 creates a revolving loan program administered by the Commissioner of Commerce for the purpose of funding capital expenditures in building heating or cooling applications using geothermal energy. The investment must have a payback period of 20 years or less. A loan may be made to a county, statutory or home rule charter city, town, school district, or a combination of those units. An application process is prescribed. The project must have an underlying study that analyzes the proposed geothermal application. Loans shall be for maximum of ten years. Loan repayments are deposited into a geothermal revolving loan account.
Section 2 is a blank appropriation to the Commissioner of Commerce for deposit into the geothermal revolving loan account.
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