“SECTION 1. Chapter 23J of the General Laws is hereby amended by inserting after section 12 the following section:-
Section 13. (a) There shall be established the Street Light Conversion Revolving Loan Fund within the center, hereinafter referred to as the fund, the proceeds of which shall be used to provide zero-interest loans to Massachusetts municipalities for the conversion of some or all of a municipality’s street lighting to light-emitting diode lighting. There shall be credited to the fund any appropriations or other monies authorized by the general court and specifically designated to be credited to the fund; proceeds of any bonds or notes of the commonwealth issued for the purpose; any federal grants or loans; any private gifts, grants or donations made available; and any income derived from the investment of amounts credited to the fund. The executive director of the center shall pursue and maximize all opportunities to qualify for federal financial participation and other state funding. The center shall seek, to the greatest extent possible, private gifts, grants and donations to the fund. The fund shall be held in an account or accounts separate from other funds. The fund shall be administered by the center without further appropriation. Amounts credited to the fund shall be available for reasonable expenditure by the center necessary to support the conversion of some or all of a municipality’s street lighting to low energy use street lighting using light-emitting diode lighting technology, including the loan program established in this section, which is the primary purpose of the fund. Any funds remaining in the fund at the end of a fiscal year shall be carried forward into the following fiscal year and shall remain available for expenditure without further appropriation.
(b) The center shall make available zero interest loan funding from the Street Light Conversion Revolving Loan Fund to municipalities to convert their street lighting to lighting from light-emitting diode lighting that meets all state and federal requirements, if any. The center shall make the loans available through agreements with banks approved to do business in the commonwealth by the division of banks.
(c) The center, in consultation with the state treasurer, shall develop a lender partnership program and lender agreement that requires, at a minimum, (1) that a bank must be adequately capitalized consistent with the requirements of state and federal laws; (2) the center shall specify lending standards, including without limitation, those for determining eligibility, including the eligibility standards set forth in this subsection, and (3) that all loans made under the program must be zero interest loans; provided, however, that the program may provide for reasonable application and administrative fees to be paid to lending banks under the program. A reasonable amount of administrative costs may be expended annually from the fund for the administration of the program. Any application or other fees imposed and collected under this program shall be deposited in the Street Light Conversion Revolving Loan Fund for the duration of the loan program. The center may make adjustments necessary to loan applications to account for reimbursements received under any other state or federal programs.
(d) To be eligible for a loan under this section, a municipality must at a minimum, provide the participating lending institution with the following information: (1) the amount of the loan requested and a description of the conversion project for which the loan proceeds will be used; (2) a price quote from a vendor; and (3) evidence of financial condition and ability to repay the loan from the energy savings resulting from the conversion to the light-emitting diode technology. Loans shall be repaid over a 10 year term according to a schedule to be established through center regulations. The attorney general shall enforce collection of any loans in default.
The center shall promulgate regulations necessary for the administration of this section.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.