Solar Energy Bank Act

Summary

Solar Energy Bank Act - Creates a Government corporation to be known as the Solar Energy Development Bank to make long-term, low-interest loans to encourage the use of solar energy in commercial and residential structures. Prohibits conflicts of interests on the part of officers or employees of the Bank. Prohibits the Bank or its employees from utilizing the Solar Bank to finance political activities. Imposes criminal penalties for the furnishing of false or misleading information by applicants for loans under this Act. Allows the Solar Bank to make loans directly, or through lending institutions which are entitled to reasonable fees for their services. Sets the annual interest rates on such loans at not more than three percent and limits the loans to a maximum of 30 years duration. Permits the Solar Bank to develop standards for certifying that the solar energy equipment, installation and related costs will result in a meaningful reduction in the conventional energy dependence of the year. Requires the Solar Bank to establish guidelines for the distribution of its loans among commercial and residential uses and requires that at least 60 percent of such monies loaned be for residential purposes. Establishes procedures govering the processing and approval of loan applications by the Bank. Provides penalties for the violation of the loan contract or for fraud in the obtaining of such loan. Exempts the Solar Bank and its assets from taxation, except that the real and tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent as that of private corporations. Directs the General Accounting Office (GAO) to audit the financial transactions of the Bank, and grants the GAO access to all its books, records, and accounts. Establishes a Solar Energy Fund in the Treasury of the United States to pay the expenses of the Bank. Authorizes the appropriation of $5,000,000,000 to the Fund.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 13 March 1978

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.