Section 22a-NEW - [Newly enacted section not yet numbered] Climate Resiliency Revolving Loan Fund(a) There is established a revolving loan fund to be known as the "Climate Resiliency Revolving Loan Fund". The fund may be funded from the proceeds of bonds issued pursuant to section 58 of this act or from any moneys available to the Commissioner of Energy and Environmental Protection or from other sources. Investment earnings credited to the fund shall become part of the assets of the fund. Any balance remaining in the fund at the end of any fiscal year shall be carried forward in the fund for the next fiscal year. Payments of principal or interest on a low interest loan made pursuant to this section shall be paid to the State Treasurer for deposit in the Climate Resiliency Revolving Loan Fund. The fund shall be used to make low interest loans pursuant to this section and to pay reasonable and necessary expenses incurred in administering loans under this section. The Commissioner of Energy and Environmental Protection may enter into contracts with nonprofit corporations to provide for the administration of the Climate Resiliency Revolving Loan Fund by such nonprofit corporations, provided no low interest loan shall be made from the fund without the authorization of the commissioner as provided in this section.(b) The Commissioner of Energy and Environmental Protection shall establish a program to provide low interest loans from the fund established in subsection (a) of this section to municipalities and private entities for infrastructure repairs and resiliency projects in response to unplanned climate events. Such repairs and projects may not include rehousing or temporary assistance costs. The commissioner shall develop eligibility criteria and application forms to be used in selecting among applicants for such loans. On and after October 1, 2024, the commissioner, or any program administrator the commissioner may designate, shall accept applications from any municipality or private entity for such loans.(c) On or before January 1, 2025, and annually thereafter, the Commissioner of Energy and Environmental Protection shall file a report, in accordance with the provisions of section 11-4a of the general statutes, with the joint standing committee of the General Assembly having cognizance of matters relating to the environment regarding the status of the program, including information on the number of loans issued, the individual amount of each loan and the total amount of loans issued and any recommendations for legislation related to the program.Conn. Gen. Stat. § 22a-NEW
Added by P.A. 24-0151,S. 59 of the Connecticut Acts of the 2024 Regular Session, eff. 7/1/2024.