[§196-65.5]  Clean energy and energy efficiency revolving loan fund.  (a)  There is established in the Hawaii green infrastructure special fund established under section 196-65, the clean energy and energy efficiency revolving loan fund, similar to a revolving line of credit, which shall be administered by the authority.  Funds deposited into the clean energy and energy efficiency revolving loan fund shall not be under the jurisdiction of, nor be subject to approval by, the commission and shall include:

     (1)  Any amounts, up to a total amount not to exceed $50,000,000, of moneys borrowed by the authority, with the approval of the governor, from federal, county, private, or other funding sources, pursuant to part III of chapter 39;

     (2)  Funds from federal, state, county, private, or other funding sources;

     (3)  Investments from public or private investors;

     (4)  Moneys received as repayment of loans and interest payments; provided that the repayment of loans and interest payments under this paragraph shall not include repayment of loans and interest collected as a result of funds advanced from proceeds of the green energy market securitization bonds; and

     (5)  Any fees collected by the authority under this section; provided that moneys collected as a result of the funds advanced from proceeds of the green energy market securitization bonds shall be kept separate from fees collected as a result of funds advanced from proceeds of the clean energy and energy efficiency revolving loan fund.

     (b)  Moneys in the clean energy and energy efficiency revolving loan fund shall be used to provide low-cost loans at below-market rates or other authorized financial assistance to eligible public, private, and nonprofit borrowers for clean energy investments or other authorized uses, or both, on terms approved by the authority.  Moneys from the fund may be used to cover administrative and legal costs of fund management and management associated with individual loans, which include personnel, services, technical assistance, data collection and reporting, materials, equipment, and travel for the purposes of this section.

     (c)  Funds appropriated or authorized from the clean energy and energy efficiency revolving loan fund shall be expended by the authority.  The authority may contract with other public or private entities for the provision of all or a portion of the services necessary for the administration and implementation of the loan fund program.  The authority may set fees or charges for fund management and technical site assistance provided under this section.

     (d)  All interest earned on the loans, deposits, or investments of the moneys in the fund shall become part of the fund.

     (e)  The authority may establish subaccounts within the fund as necessary.

     (f)  The authority may adopt rules pursuant to chapter 91 to carry out the purposes of this section. [L 2021, c 107, §2]