Trust Fund for Renewable Energy and Energy Conservation: Creation; administration of Fund by Task Force; expenditures of money in Fund.
1. The Trust Fund for Renewable Energy and Energy Conservation is hereby created in the State Treasury.
2. The Task Force shall administer the Fund. As administrator of the Fund, the Task Force:
(a) Shall maintain the financial records of the Fund;
(b) Shall invest the money in the Fund as the money in other state funds is invested;
(c) Shall manage any account associated with the Fund;
(d) Shall maintain any instruments that evidence investments made with the money in the Fund;
(e) May contract with vendors for any good or service that is necessary to carry out the provisions of this section; and
(f) May perform any other duties that are necessary to administer the Fund.
3. The interest and income earned on the money in the Fund must, after deducting any applicable charges, be credited to the Fund. All claims against the Fund must be paid as other claims against the State are paid.
4. Not more than 2 percent of the money in the Fund may be used to pay the costs of administering the Fund.
5. The money in the Fund remains in the Fund and does not revert to the State General Fund at the end of any fiscal year.
6. All money that is deposited or paid into the Fund may only be expended pursuant to an allocation made by the Task Force. Money expended from the Fund must not be used to supplant existing methods of funding that are available to public agencies.
Last modified: February 26, 2006