(1) The department shall: (a) administer the fund created in Section 19-1-403 and the federal money described in Subsection 19-1-403(2) to encourage emission reductions through energy efficient building practices and the use and acquisition of clean vehicles; and (b) make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (i) specifying the amount of money in the fund and federal money to be dedicated annually for grants; (ii) limiting the number of motor vehicles per fleet operator that may be eligible for a grant in a year; (iii) specifying criteria the department shall consider in prioritizing and awarding loans and grants; (iv) specifying repayment periods; (v) specifying procedures for: (A) awarding loans and grants; and (B) collecting loans; and (vi) requiring loan and grant applicants to: (A) apply on forms provided by the department; (B) if the loan or grant is for a clean vehicle, agree in writing to use the clean fuel for which each clean vehicle is converted or purchased using loan or grant proceeds for a minimum of 70% of the vehicle miles traveled beginning from the time of conversion or purchase of the clean vehicle; (C) if the loan or grant is for a clean vehicle, agree in writing to notify the department if a clean vehicle converted or purchased using loan or grant proceeds becomes inoperable through mechanical failure or accident and to pursue a remedy outlined in department rules; (D) if the loan or grant is for a clean vehicle, provide reasonable data to the department on a clean vehicle converted or purchased with loan or grant proceeds; and (E) if the loan or grant is for a clean vehicle, submit a clean vehicle converted or purchased with loan or grant proceeds to inspections by the department as required in department rules and as necessary for administration of the loan and grant program. (2) (a) When developing repayment schedules for the loans, the department shall consider the projected savings from use of the clean vehicle. (b) A repayment schedule may not exceed 10 years. (c) The department shall make a loan from the fund or federal money described in Subsection 19-1-403(2) for a private sector business vehicle at an interest rate equal to the annual return earned in the state treasurer's Public Treasurer's Pool as determined the month immediately preceding the closing date of the loan. (d) The department shall make a loan from the fund or federal money described in Subsection 19-1-403(2) for a government vehicle with no interest rate. (3) The Division of Finance shall: (a) collect and account for the loans; and (b) have custody of the loan documents, including notes and contracts, evidencing the indebtedness of the fund or federal money described in Subsection 19-1-403(2).
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