A. Money available in the fund may be loaned by the department to reimburse the expenses incurred in acquiring vehicles of the agencies and departments of state government, political subdivisions and educational institutions from gasoline to alternative fuel.
B. A state agency or department, a political subdivision or an educational institution to which a loan is made shall demonstrate the ability to pay back the loan within seven years of the date that its vehicles are acquired.
C. Use of the fund shall be limited to purchases of light duty, medium duty or heavy duty vehicles that use natural gas, liquified petroleum gas, electricity or hydrogen.
D. The maximum amount loaned to acquire a vehicle shall not exceed the actual incremental cost of acquiring the vehicle or:
(1) five thousand dollars ($5,000) for a light duty vehicle;
(2) ten thousand dollars ($10,000) for a medium duty vehicle; or
(3) twenty thousand dollars ($20,000) for a heavy duty vehicle.
History: Laws 1992, ch. 58, § 5; 1994, ch. 130, § 3; 2002, ch. 32, § 6; 2018, ch. 53, § 3.
ANNOTATIONSThe 2018 amendment, effective July 1, 2018, defined the types of vehicles that are eligible for purchase through the alternative fuel acquisition loan fund, and changed the amounts that may be loaned to acquire a vehicle through the fund; added a new Subsection C and redesignated former Subsection C as Subsection D; and in Subsection D, after "exceed the actual", added "incremental", after "acquiring the vehicle or", deleted "three thousand dollars ($3,000), whichever is less", and added Paragraphs D(1) through D(3).
The 2002 amendment, effective July 1, 2002, substituted "acquire", or variants thereof for "convert" throughout the section and substituted "educational institution" for "post-secondary institution" in Subsections A and B.
The 1994 amendment, effective May 18, 1994, inserted "political subdivisions" in Subsection A and "political subdivision" in Subsection B.