Introduced Version






HOUSE BILL No. 1276

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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 Cooperation.







Introduced

First Regular Session 116th General Assembly (2009)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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HOUSE BILL No. 1276



    A BILL FOR AN ACT to amend the Indiana Code concerning higher education.

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 annual operating guaranteed 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 fiscal year. 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 ($10,000,000).
     (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.