HB 1363 Summary

• Permits eight entities to loan money or guarantee loans for renewable energy production projects: state retirement plans (excise police, gaming, conservation officers, public employees, state police, teachers, judges), police officers'/firefighters' pension fund, Indiana Economic Development Corporation, and Indiana Finance Authority.

• Defines "renewable energy production project" as a rural development project to produce or increase electricity, fuel, steam, or biofuel from renewable sources including wind, solar, biomass, hydropower, and fuel cells.

• Allows pension and retirement trust funds to invest in bonds, obligations, and guarantees from the Indiana Finance Authority and Indiana Economic Development Corporation for renewable energy projects.

• Establishes that renewable energy production projects are exempt from certain loan limits and restrictions that apply to traditional agricultural enterprises, including higher shareholder caps (100 shareholders vs. 10) and exemption from the $300,000 loan limit.

• Effective July 1, 2011.