Section 196-64 - Functions, powers, and duties of the authority(a) In the performance of, and with respect to the functions, powers, and duties vested in the authority by this part, the authority, as directed by the director and in accordance with a green infrastructure loan program order or orders under section 269-171 or an annual plan submitted by the authority pursuant to this section, as approved by the commission for the green infrastructure loan program, may: (1) Make loans and expend funds to finance the purchase or installation of green infrastructure equipment for clean energy technology, demand response technology, and energy use reduction and demand side management infrastructure, programs, and services;(2) Hold and invest moneys in the green infrastructure special fund in investments as permitted by law and in accordance with approved investment guidelines established in one or more orders issued by the commission pursuant to section 269-171;(3) Hire employees necessary to perform its duties, including an executive director. The executive director shall be appointed by the authority, and the employees' positions, including the executive director's position, shall be exempt from chapter 76;(4) Enter into contracts for the service of consultants for rendering professional and technical assistance and advice, and any other contracts that are necessary and proper for the implementation of the loan program;(5) Enter into contracts for the administration of the loan program, without the necessity of complying with chapter 103D;(6) Establish loan program guidelines to be approved in one or more orders issued by the commission pursuant to section 269-171 to carry out the purposes of this part;(7) Be audited at least annually by a firm of independent certified public accountants selected by the authority, and provide the results of this audit to the department and the commission; and(8) Perform all functions necessary to effectuate the purposes of this part.(b) The authority shall submit to the commission an annual plan for the green infrastructure loan program for review and approval no later than ninety days prior to the start of each fiscal year. The annual plan submitted by the authority shall include the authority's projected operational budget for the succeeding fiscal year.(c) In the performance of the functions, powers, and duties vested in the authority by this part, the authority shall administer the clean energy and energy efficiency revolving loan fund pursuant to section 196-65.5 and may:(1) Make loans and expend funds to finance the purchase or installation of clean energy technology and services;(2) Implement and administer loan programs on behalf of other state departments or agencies through a memorandum of agreement and expend funds appropriated to the department or agency for purposes authorized by the legislature;(3) Utilize all repayment mechanisms, including the green energy money saver on-bill program, financing tools, servicing and other arrangements, and sources of capital available to the authority;(4) Exercise powers to organize and establish special purpose entities as limited liability companies under the laws of the State;(5) Acquire, hold, and sell qualified securities;(6) Pledge unencumbered net assets, loans receivable, assigned agreements, and security interests over equipment financed, as collateral for the authority's borrowings from federal, county, or private lenders or agencies;(7) Utilize the employees of the authority, including the executive director;(8) Enter into contracts for the service of consultants for rendering professional and technical assistance and advice and any other contracts that are necessary and proper for the implementation of the loan fund program;(9) Enter into contracts for the administration of the loan fund program exempt from chapter 103D;(10) Establish loan fund program guidelines;(11) Be audited at least annually by a firm of independent certified public accountants selected by the authority and provide the results of the audit to the department and legislature; and(12) Perform all functions necessary to effectuate the purposes of this part.(d) The authority shall submit an annual report for the clean energy and energy efficiency revolving loan fund to the legislature no later than twenty days prior to the convening of each regular session describing the projects funded and the projected energy impacts.Amended by L 2021, c 107,§ 5, eff. 7/1/2021.Added by L 2013, c 211,§ 2, eff. 6/27/2013.