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§ 1647.5. Interfund transfer

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and CommerceEffective: November 29, 2004

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 18E. Alternative Fuels Incentive Act
Effective: November 29, 2004
73 P.S. § 1647.5
§ 1647.5. Interfund transfer
Currentness
(a) General rule.--The department may transfer money from the Alternative Fuels Incentive Fund to the Energy Development Fund one time during the fiscal year beginning July 1, 2004.
(b) Use of transferred funds.--
(1) Funds transferred to the Energy Development Fund under this section shall be used to provide financial assistance for research directly related to alternative energy sources and for the development and installation of stationary power facilities within this Commonwealth that utilize alternative energy sources to produce electric power. The financial assistance offered under this section shall be limited to grants and low-interest loans, at or below prevailing interest rates and loan guarantees.
(2) These funds shall also be used to support the establishment of public or private partnerships among postsecondary institutions and private sector organizations. The public or private sector partnerships should be designed to support a broad program of research and development of alternative energy power sources. Research funds shall be directed toward those projects that can clearly demonstrate that the technology being studied can be practically applied.
(c) Development of guidelines.--Prior to any usage of the funds transferred to the Energy Development Fund, the department shall develop guidelines for the application and use of these funds, including all applicable eligibility criteria which shall also describe the manner of application for financial assistance and an application for assistance under this section. The department shall provide these guidelines to the majority and minority chairman of the Environmental Resources and Energy Committee of the Senate and the majority and minority chairman of the Environmental Resources and Energy Committee of the House of Representatives 60 days prior to issuing the guidelines to the general public. No financial assistance shall be provided to any applicant by the department until guidelines are issued to the general public. The department shall provide a reasonable opportunity for the general public to apply for funds under this section before making any financial assistance announcements or awards.
(d) Lapse.--Any unexpended funds from the transfer shall lapse to the General Fund on June 30, 2006.

Credits

2004, Nov. 29, P.L. 1376, No. 178, § 5, imd. effective.
73 P.S. § 1647.5, PA ST 73 P.S. § 1647.5
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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