HOUSE BILL No. 1276
DIGEST OF INTRODUCED BILL
Citations Affected: IC 21-34-10-7.
Synopsis: Energy cost savings contracts. Deletes the $10,000,000
maximum on the amount of bonds that may be outstanding for a state
educational institution's qualified energy savings projects. Provides that
in order to establish the reasonable expectation of savings for purposes
of the statutes governing bonds for energy cost savings contracts, a
state educational institution must enter into a qualified energy savings
contract in which the qualified provider guarantees in writing that the
guaranteed savings achieved will at least equal the annual debt service
requirements on the bonds.
Effective: July 1, 2009.
Klinker, Thompson, Avery, Truitt
January 16, 2009, read first time and referred to Committee on Interstate and International
First Regular Session 116th General Assembly (2009)
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HOUSE BILL No. 1276
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 21-34-10-7; (09)IN1276.1.1. -->
SECTION 1. IC 21-34-10-7, AS ADDED BY P.L.2-2007,
SECTION 275, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2009]: Sec. 7. (a)
Bonds may be issued by the
board of trustees of a state educational institution without the approval
of the general assembly to finance a qualified energy savings project if
savings to the state educational
institution arising from the implementation of a qualified energy
savings project are reasonably expected to be at least equal to annual
debt service requirements on bonds issued for this purpose in each
However, the amount of bonds outstanding for the state
educational institution at any time for qualified energy savings projects,
other than refunding bonds and exclusive of costs described in sections
3 and 4 of this chapter, may not exceed ten million dollars
(b) In order to establish the reasonable expectation of savings
for purposes of subsection (a), a state educational institution must
enter into a qualified energy savings contract with a qualified
provider as provided in IC 21-33-4 in which the qualified provider
guarantees in writing that, in each fiscal year in which bonds
issued under subsection (a) by the state educational institution are
outstanding, the guaranteed savings achieved will at least equal the
annual debt service requirements on the bonds.