SB 207 — An Act establishing the electric vehicle infrastructure fund in the Department of Commerce, Community, and Economic Development; relating to grants and loans made from the electric vehicle infrastructure fund; and providing for an effective date.

Bill Text

• SB0207A View text Current html

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill establishes the Electric Vehicle Infrastructure Fund within the Department of Commerce, Community, and Economic Development for grants and loans to support electric vehicle charging stations in Alaska.

• AS 44.33

  Article 10A. Electric Vehicle Infrastructure Fund.

  This introduces a new article for the Electric Vehicle Infrastructure Fund.

• AS 44.33.700

  The electric vehicle infrastructure fund is created in the Department of Commerce, Community, and Economic Development.

  This establishes the Electric Vehicle Infrastructure Fund in the specified department.

• AS 44.33.700

  The electric vehicle infrastructure fund consists of appropriations to the fund, including (1) money received by gift, devise, bequest, or donation to the fund; (2) principal and interest payments or other income earned on loans, asset sales, and investments of the fund; (3) money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 44.33.700 - 44.33.730.

  This defines what constitutes the funding sources for the Electric Vehicle Infrastructure Fund.

• AS 44.33.705

  The department may (1) make grants to eligible applicants under AS 44.33.710(a) and make loans to eligible applicants under AS 44.33.710(b) for the purpose of installing electric vehicle charging stations in the state.

  This grants the department the authority to provide financial support for electric vehicle charging stations.

• AS 44.33.710

  To be eligible for a grant from the fund, an applicant must be a state agency, municipality, federally recognized tribe, or nonprofit organization.

  This outlines who can apply for grants from the Electric Vehicle Infrastructure Fund.

• AS 44.33.710

  To be eligible for a loan from the fund, an applicant must be an individual, corporation, partnership, limited liability corporation, limited liability partnership, limited liability company, or joint venture.

  This establishes who qualifies for loans from the Electric Vehicle Infrastructure Fund.

• AS 44.33.715

  A loan established under AS 44.33.700 - 44.33.730 (1) may not exceed a term of 10 years, except for extensions under AS 44.33.705; (2) may not bear interest less than four percent a year; (3) must be secured by collateral acceptable to the department; and (4) may not exceed 80 percent of the cost of the electric vehicle charging station equipment purchased with the proceeds of the loan.

  This sets specific limitations on the loans provided by the Electric Vehicle Infrastructure Fund.

• AS 44.33.720

  The foreclosure expense account is established as a special account within the fund.

  This establishes a special account to cover costs associated with foreclosures on defaulted loans.

• AS 44.33.725

  The department shall dispose of property acquired through default or foreclosure of a loan made under AS 44.33.700 - 44.33.730.

  This mandates the department to handle the disposal of properties acquired through loan defaults or foreclosures.

• AS 44.33.730

  In AS 44.33.700 - 44.33.730, (1) "department" means the Department of Commerce, Community, and Economic Development; (2) "fund" means the electric vehicle infrastructure fund established in AS 44.33.700.

  This defines key terms used throughout the new sections regarding the Electric Vehicle Infrastructure Fund.

• This Act takes effect July 1, 2020.

  This specifies the effective date of the new law.

Action History

1. February 21, 2020

   (S) COSPONSOR(S): KAWASAKI

2. February 21, 2020

   (S) Referred to LABOR & COMMERCE

3. February 21, 2020

   (S) L&C, FIN

4. February 21, 2020

   (S) Read the first time - REFERRALS

Sponsors

• Elvi Gray-Jackson · Cosponsor
• Scott Kawasaki · Cosponsor
• Bill Wielechowski · Primary

Subjects