MN HF3228

Commissioner of Commerce develops, implements, and administers a renewable energy source conversion grant program to provide grants for converting coal-fired facilities to renewable energy sources for municipal utilities and cooperative electric associations.

Grant selection criteria include reliability and cost-effectiveness of renewable energy technology, life cycle energy use and greenhouse gas emissions reductions, geographic distribution of projects, total project cost, and integration with state environmental and conservation programs.

Renewable energy source conversion grant program account is established in state treasury, funded by bond proceeds, interest earnings, legislative appropriations from the outdoor heritage fund, and other sources.

Commissioner of Management and Budget may issue state bonds upon request by the Commissioner of Commerce for purposes of making grants, paying issuance and debt service costs, and refunding bonds, with principal amount not to exceed a specified limit for grant purposes.

Bonds issued are not public debt and the state's full faith, credit, and taxing powers are not pledged; bond payment is limited to revenues explicitly authorized under the program.