67-902 - (Contingent effective date - see Editor's note) Renewable Electricity Production Grant Fund.
§ 67-902. (Contingent effective date - see Editor's note) RenewableElectricity Production Grant Fund.
A. There is hereby established in the state treasury a special nonrevertingfund to be known as the Renewable Electricity Production Grant Fund. The Fundshall consist of such moneys as may be appropriated by the General Assemblyfrom time to time. Any moneys deposited to or remaining in the Fund during orat the end of each fiscal year or biennium, including interest thereon, shallnot revert to the general fund but shall remain in the Fund and be availablefor allocation under this chapter in ensuing fiscal years. Interest on allmoneys in the Fund shall remain in the Fund and be credited to it. The Fundshall be used solely for the payment of the grants provided under thischapter. The Department shall administer the Fund.
B. The Department shall allocate moneys from the Fund in the following orderof priority: (i) first to unpaid grant amounts carried forward from prioryears because eligible corporations did not receive the full amount of anygrant to which they were eligible in a prior year pursuant to this chapterand (ii) then to other approved applicants. If the moneys in the Fund areless than the amount of grants to which approved applicants in any class ofpriority are eligible, the moneys in the Fund shall be apportioned pro rataamong eligible applicants in such class, based upon the amount of the grantto which an approved applicant is eligible and the amount of money in theFund available for allocation to such class.
C. The Department shall not allocate an amount in excess of the moneysavailable in the Fund for the payment of grants.
D. Beginning in calendar year 2007, by June 30 of each year, the Departmentshall (i) determine the amount of the grants to be allocated to eligiblecorporations and (ii) certify to the Comptroller and each eligiblecorporation the amount of the grant allocated to such corporation. Payment ofsuch grants shall be made by the State Treasurer on warrant of theComptroller within 60 days of such certification, subject to appropriation ofsufficient moneys in the Fund.
E. If a grant recipient is allocated less than the full amount of a grant towhich it is eligible in any year pursuant to this chapter, such corporationshall not be eligible for the deficiency in that year, but the unpaid portionof the grant to which it was eligible shall be carried forward by theDepartment to the following year, during which it shall be in the first classof priority as provided in clause (i) of subsection B.
F. In no case shall the Department certify grants from the Fund for kilowattsof electricity produced prior to January 1, 2007.
G. Actions of the Department relating to the allocation and awarding ofgrants shall be exempt from the provisions of the Administrative Process Actpursuant to subdivision B 4 of § 2.2-4002.
(2006, c. 939; 2007, c. 789.)