§ 143-58.5. Alternative Fuel Revolving Fund. - North Carolina Statutes

§ 143‑58.5.  AlternativeFuel Revolving Fund.

(a)        The definitions setout in G.S. 143‑58.4 apply to this section.

(b)        The AlternativeFuel Revolving Fund is created and shall be held by the State Treasurer. TheFund shall consist of moneys received from the sale of EPAct credits under G.S.143‑58.4, any moneys appropriated to the Fund by the General Assembly,and any moneys obtained or accepted by the Department for deposit into theFund. The Fund shall be managed to maximize benefits to the State for the purchaseof alternative fuel, related refueling infrastructure, and AFV purchases. Tothe extent possible, benefits from the sale of EPAct credit shall bedistributed to State departments, institutions, and agencies in proportion tothe number of EPAct credits generated by each. No portion of the Fund shall betransferred to the General Fund, and any appropriation made to the Fund shallnot revert. The State Treasurer shall invest moneys in the Fund in the samemanner as other funds are invested. Interest and moneys earned on suchinvestments shall be credited to the Fund.

(c)        The Fund shall beused to offset the incremental fuel cost of biodiesel and biodiesel blend fuelwith a minimum biodiesel concentration of B‑20 for use in State vehicles,for the purchase of ethanol fuel with a minimum ethanol concentration of E‑85for use in State vehicles, the incremental vehicle cost of purchasing AFVs, forthe development of related refueling infrastructure, for the costs ofadministering the Fund, and for projects approved by the Energy Policy Council.

(d)        The Secretary ofAdministration shall adopt rules as necessary to implement this section.

(e)        The Departmentshall submit to the Joint Legislative Commission on Governmental Operations andthe Fiscal Research Division no later than 1 October of each year a report onthe expenditures from the Fund during the preceding fiscal year.  (2005‑413, s. 1; 2009‑237,s. 2.)