The bill amends the Management and Budget Act to establish an Energy Efficiency Revolving Fund within the state treasury. This fund will allow the state treasurer to receive and manage financial contributions from various sources, directing investments and crediting interest and earnings back to the fund. The bill outlines that funds will not lapse to the general fund at the end of the fiscal year and mandates the Department to oversee the fund, prioritize projects that reduce the state's carbon footprint, and provide technical assistance to local entities seeking to leverage additional financing.

Additionally, the bill requires the Department to set specific terms for state agencies participating in the fund, including project scope and funding commitments. It also mandates the Department to apply for federal payments for eligible projects, with a preference for agencies that have previously received such payments. Furthermore, the Department must submit an annual report detailing the projects funded, including financial contributions and anticipated savings, to the relevant appropriations subcommittees.

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