{"data":{"id":"us-ky/krs-42.586","jurisdiction":"us-ky","citation":"KRS 42.586","heading":"Bluegrass turns green private sector loan fund -- Purpose -- Eligibility --","body":"Payback period -- Interest rate -- Administrative regulations.\n(1) (a) The bluegrass turns green private sector loan fund is created as a separate\nrevolving fund. The fund shal l be administered by the cabinet and shall\nconsist of:\n1. Proceeds from grants, contributions, appropriations, or other moneys\nmade available for purposes of the revolving fund;\n2. Loan repayments made by the private sector;\n3. Funds derived from the bond issuance authorized under 2008 Ky. Acts\nch. 139, sec. 28.\n(b) Notwithstanding KRS 45.229, fund amounts not expended at the close of a\nfiscal year shall not lapse but shall be carried forward to the next fiscal year.\nAny interest earnings of the fund shall become part of the revolving fund and\nshall not lapse.\n(2) Revolving fund moneys shall be used by the cabinet to provide low-interest loans to\nthe private sector for engineered demand-side management projects in private sector\nbuildings. The cabinet shall not have more than one (1) loan outstanding at a time to\nany private retail, commercial, or industrial business.\n(3) To be eligible for a loan under this section, the cost of a proposed engineered\ndemand-side management project shall be at least five thous and dollars ($5,000)\nand shall not exceed one million five hundred thousand dollars ($1,500,000) per\nproject.\n(4) Beginning July 1, 2009, and ending June 30, 2013, the simple payback period for an\napproved engineered demand -side management project shall be  no more than five\n(5) years. Beginning July 1, 2013, the cabinet may consider a simple payback period\nof no more than twelve (12) years.\n(5) The loans provided under this section shall be subject to the prime interest rate\nminus one percent (1%).\n(6) Moneys in the fund are hereby appropriated for the purposes set forth in subsection\n(2) of this section.\n(7) The cabinet shall not approve an applicant for a loan under this section, unless the\napplicant:\n(a) Can demonstrate that the applicant has no outstanding liabilities with the\nCommonwealth;\n(b) Can demonstrate that the applicant has a positive payment history with the\napplicant's electricity provider for the preceding three (3) consecutive years;\n(c) Agrees to undergo and pay for an energy audit to establish a baseline of\nenergy consumption; and\n(d) Meets all the requirements established in this section and any administrative\nregulations promulgated thereunder.","path":["KRS Chapter 42"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=22072","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:03Z","sha256":"b4a36290dd35135118346f2fb0ba9c8f2d4aee8e3e4faad57466c628ec66dc7b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-42.584","next":"us-ky/krs-42.588"},"notice":"GroundRules: Original legal text. Not legal advice."}