1.Growing rural energy
efficiency networksThe Rural
Electrification Act of 1936 (7 U.S.C. 901 et seq.) is amended by inserting
after section 313A the following:
313B.Growing rural
energy efficiency networks
(a)In
this section the term eligible borrower means—
(1)an entity that has
received a loan or loan guarantee under this Act; or
(2)a cooperative that
is eligible to receive a loan or loan guarantee under this Act.
(b)The Secretary shall establish an initiative to promote
energy efficiency by providing interest-free loans for the purposes of—
(1)making energy
efficiency improvements; and
(2)achieving energy
conservation.
(c)To promote the purposes described in subsection (b), the
Secretary shall make interest-free loans to eligible borrowers to encourage
such borrowers to—
(1)invest in and
facilitate consumer energy efficiency improvements; or
(2)increase energy
conservation.
(d)In carrying out this section, the Secretary shall establish
such reasonable terms and conditions as necessary to ensure participation by
eligible borrowers.
(e)The
Secretary shall use the fees collected pursuant to section 313A(c) to provide
the interest-free loans authorized under this section.
(f)In
carrying out this section, the Secretary shall—
(1)use only those
fees required under section 313A(c) that are collected for loans guaranteed
under section 313A after the date of the enactment of this section; and
(2)require that the
amount of the annual fee paid for the guarantee of a bond or note under section
313A be equal to 50 basis points of the amount of the unpaid principal of the
bond or note guaranteed under such section, and an additional loan origination
fee equal to 50 such basis points shall be paid at the time the guarantee is
approved.
(g)The Secretary shall approve $3,000,000 in loan guarantees
under this section to qualified lenders as described in section 313A(b)(3) for
the fiscal year ending September 30, 2010.
(h)Subsection
(f) shall not be effective on or after September 30,
2011.
.