[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2233 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 2233
To assist municipalities and local communities to explore and determine
options for the alternative provision of electricity and to create new
public power systems, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 19, 2001
Mr. Nadler (for himself and Mr. Hinchey) introduced the following bill;
which was referred to the Committee on Energy and Commerce, and in
addition to the Committee on Ways and Means, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To assist municipalities and local communities to explore and determine
options for the alternative provision of electricity and to create new
public power systems, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PURPOSE.
The purpose of this Act is to assist municipalities and local
communities to explore and determine options for the alternative
provision of electricity and, at their discretion, to create or expand
public power systems.
SEC. 2. COMMUNITY POWER INVESTMENT REVOLVING LOAN FUND.
(a) Revolving Loan Fund.--There is established in the Treasury of
the United States a revolving loan fund to be known as the ``Community
Power Investment Revolving Loan Fund'' consisting of such amounts as
may be appropriated or credited to such Fund as provided in this
section.
(b) Expenditures From Loan Funds.--
(1) In general.--The Secretary of Energy, under such rules
and regulations as the Secretary may prescribe, may make loans
from the Community Power Investment Revolving Loan Fund,
without further appropriation, to a State or local government,
including any municipality.
(2) Purpose.--Loans provided under this section shall be
used only for any of the following:
(A) Feasibility studies to investigate options for
the creation or expansion of public power systems.
(B) Community development assistance programs to
stem rising energy costs, including low-income customer
payment programs.
(C) Energy efficiency programs and other local
conservation measures.
(D) Incentives for new renewable energy resources,
including research and development programs, purchases
from alternative energy providers, and construction of
new generation facilities.
(E) Increased and rapid deployment of distributed
energy generation resources, including the following:
(i) Microturbines.
(ii) Fuel cells.
(iii) Combined heat and power systems.
(iv) Advanced internal combustion engine
generators.
(v) Advanced natural gas turbines.
(vi) Energy storage devices.
(vii) Distributed generation research and
development for local communities, including
interconnection standards and equipment, and
dispatch and control services that preserve
appropriate local control authority to protect
distribution system safety, reliability, and
new and backup power quality.
(F) Purchase of existing electricity generation and
transmission systems of private power companies.
(G) Construction of new electricity generation and
transmission facilities.
(H) Education and public information programs.
(3) Restrictions.--No loan may be made under this section
to any entity that is financially distressed, delinquent on any
Federal debt, or in current bankruptcy proceedings. No loan
shall be made under this section unless the Secretary
determines that--
(A) there is reasonable assurance of repayment of
the loan; and
(B) the amount of the loan, together with other
funds provided by or available to the recipient, is
adequate to assure completion of the facility or
facilities for which the loan is made.
(c) Loan Repayments.--
(1) Length of repayment.--
(A) In general.--Before making a loan under this
section, the Secretary shall determine the period of
time within which a State must repay such loan.
(B) Limitation.--Except as provided in subparagraph
(C), the Secretary shall in no case allow repayment of
such loan--
(i) to begin later than the date that is
one year after the date on which the loan is
made; and
(ii) to be completed later than the date
that is 30 years after the date on which the
loan is made.
(C) Moratorium.--The Secretary may grant a
temporary moratorium on the repayment of a loan
provided under this section if, in the determination of
the Secretary, continued repayment of such loan would
cause a financial hardship on the State that received
the loan.
(2) Interest.--The Secretary may not impose or collect
interest on a loan provided under this section in excess of one
percent above the current U.S. Treasury rate for obligations of
similar maturity.
(3) Credit to loan fund.--Repayment of amounts loaned under
this section shall be credited to the Community Power
Investment Revolving Loan Fund and shall be available for the
purposes for which the fund is established.
(4) Finance charges.--The Secretary may assess finance
charges of 5 percent on loans under this section that are
repaid within 5 to 10 years, 3 percent on such loans that are
repaid within 3 to 5 years, and one percent for loans repaid
within 3 years.
(d) Administration Expenses.--The Secretary may defray the expenses
of administering the loans provided under this section.
(e) Authorization of Appropriations.--There are authorized to be
appropriated to the Community Power Investment Revolving Loan Fund
$5,000,000,000 for each of the fiscal years 2002 through 2007.
SEC. 3. STRANDED COSTS.
Section 206 of the Federal Power Act is amended by adding the
following new subsection after subsection (d):
``(e) Stranded Cost Recovery.--The Commission shall prohibit any
public utility or State regulatory authority from imposing, after the
enactment of this subsection, any fee or charge (including any exit
fee) on any electric consumer or State or municipality (or entity
established by a State or municipality) for the purpose of recovering
any wholesale stranded costs of such public utility that may occur when
retail electric consumers cease to be served by that public utility by
reason of the provision of electric service to such consumers by a
State or a political subdivision of a State (or by any entity
established by such State or political subdivision). As promptly as
practical after the enactment of this subsection, the Commission shall
amend such rules and orders of the Commission as may be necessary to
carry out this subsection.''.
SEC. 4. REPEAL OF RESTRICTION ON USE OF TAX-EXEMPT BONDS TO ACQUIRE
OUTPUT FACILITIES.
(a) In General.--Section 141 of the Internal Revenue Code of 1986
(relating to private activity bond; qualified bond) is amended by
striking subsection (d) and by redesignating subsection (e) and
subsection (d).
(b) Effective Date.--The amendment made by subsection (a) shall
apply to obligations issued after the date of the enactment of this
Act.
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