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Appropriations committee rejects loan of up to $50 million from UPTF to Clean Energy Fund, 5–2
Summary
Senate Bill 148, which would have authorized loans from the Unclaimed Property Trust Fund to a Clean Energy Fund at a roughly 2% return, failed on a committee roll call after concerns about long-term balloon payments and insufficient time to resolve fiscal questions.
Senate Bill 148, which would have allowed the state to loan up to $50 million from the Unclaimed Property Trust Fund (UPTF) to the Clean Energy Fund in $10 million increments, failed in the Senate Appropriations Committee on a roll call of 5 to 2.
Senator Ball, the bill sponsor, told the committee that the program would make loans "from the UPTF to the Clean Energy Fund" at about a 2% return, and that the loan would be drawn in increments up to the $50 million cap. Senator Kirk Meyer asked why the fiscal note lists the UPTF and whether the program is new; Ball said the Clean Energy Fund exists but this particular loan program is new.
Senator Bridges said he supported the idea of creative financing but would vote no because he was concerned about "the balloon payments at the end of this thing" and that the committee had not had enough time to resolve those questions. After a brief discussion, the clerk recorded the roll call: Senators Gonzales and the chair voted aye; Senators Kirkmeyer, Kolker, Liston, Pelton and the vice chair voted no. The chair announced the bill failed on a vote of 5 to 2.
The committee subsequently moved to a reverse roll call for procedural purposes. No further action on SB148 was taken during the meeting.
