§196-65 Hawaii green infrastructure special fund. (a) There is established the Hawaii green infrastructure special fund into which shall be deposited:

(1) The proceeds of bonds net of issuance costs and reserves or overcollateralization amounts;

(2) Green infrastructure charges received for the use and services of the loan program, including the repayment of loans made under the loan program;

(3) All other funds received by the department or the authority and legally available for the purposes of the green infrastructure special fund;

(4) Interest earnings on all amounts in the green infrastructure special fund; and

(5) Such other moneys as shall be permitted by an order of the public utilities commission.

The Hawaii green infrastructure special fund shall not be subject to section 37-53. Any amounts received from green infrastructure charges or any other net proceeds earned from the allocation, use, expenditure, or other disposition of amounts approved by the public utilities commission and deposited or held in the Hawaii green infrastructure special fund in excess of amounts necessary for the purposes of subsection (b) shall be credited to electric utility customers as provided in a green infrastructure loan program order or orders. Funds that are transferred back to the electric utility in order to credit electric utility customers under this subsection shall not be considered revenue of the electric utility and shall not be subject to state or county taxes.

(b) Moneys in the Hawaii green infrastructure special fund may be used, subject to the approval of the public utilities commission, for the purposes of:

(1) Making green infrastructure loans, including for installation costs for energy-efficient lighting and other energy-efficiency measures;

(2) Creating a $50,000,000 sub-fund, as a revolving line of credit within the Hawaii green infrastructure special fund, for any state agency to obtain financing to implement cost-effective energy-efficiency measures;

(3) Paying administrative costs of the Hawaii green infrastructure loan program;

(4) Paying any other costs related to the Hawaii green infrastructure loan program; or

(5) Paying financing costs, as defined in section 269-161, to the extent permitted by the public utilities commission in a financing order issued pursuant to section 269-163.

(c) The authority may invest funds held in the Hawaii green infrastructure special fund in investments as permitted by law, and in accordance with approved investment guidelines established in one or more orders issued by the public utilities commission pursuant to section 269-171. All amounts in the Hawaii green infrastructure special fund shall be exempt from all taxes and surcharges imposed by the State or the counties. [L 2013, c 211, pt of §2; am L 2017, c 57, §2; am L 2018, c 121, §5]