The bill amends the Management and Budget Act of 1984 by adding a new section, Sec. 475, which establishes the Energy Efficiency Revolving Fund within the state treasury. This fund will allow the state treasurer to receive and manage funds from various sources, directing investments and crediting interest and earnings back to the fund. The bill stipulates that any money remaining in the fund at the end of the fiscal year will not lapse to the general fund, ensuring ongoing support for energy efficiency projects.

Additionally, the bill outlines the responsibilities of the department overseeing the fund, including coordinating state projects aimed at reducing the state's carbon footprint and providing technical assistance to local entities. It mandates that state agencies participating in the program must adhere to specific terms regarding project scope, funding commitments, and reporting requirements. The department is also tasked with applying for federal payments to support qualifying projects, with a preference given to agencies that have previously received such payments. An annual report detailing funded projects and their anticipated savings must be submitted to the relevant appropriations subcommittees.

Statutes affected:
Senate Introduced Bill: 18.1101, 18.1594
As Passed by the Senate: 18.1101, 18.1594