                                 CODE OF VIRGINIA

LOCAL GREEN BANKS (§ 15.2-958.3:1)

A. As used in this section, &#8220;clean energy technologies&#8221; means energy
resources and emerging technologies that have significant potential for
commercialization and do not involve (i) the combustion of coal, petroleum or
petroleum products, or municipal solid waste or (ii) nuclear fission.
&#8220;Clean energy technologies&#8221; includes renewable energy sources,
projects, and infrastructure; energy efficiency projects; alternative fuels used
for electricity generation; alternative fuel vehicles and related infrastructure
such as electric vehicle charging station infrastructure; and smart grid.

B. Any locality may, by ordinance, establish a green bank to promote the
investment in clean energy technologies in its locality and provide financing
for clean energy technologies. Such ordinance may include the following
functions for a green bank:

   1. Finance investment or financial support of investment in clean energy
   technologies to foster the growth and development of renewable energy sources;

   2. Stimulate the demand for renewable energy and the deployment of clean
   energy technologies that serve end-use customers;

   3. Before making any loan, loan guarantee, or other form of financing support
   for clean energy technologies, develop rules, policies, and procedures to
   specify borrower eligibility and any other term or condition of financial
   support;

   4. Provide financing or financial support for clean energy technologies;

   5. Develop consumer protection standards for investments to ensure that the
   green bank and its partners are lending in a transparent and responsible
   manner that is in the financial interests of the borrowers; and

   6. Undertake any other activity as needed to support the mission of the green
   bank.

C. In establishing a green bank, the locality shall determine whether the green
bank will be a public entity, quasi-public entity, depository bank, or nonprofit
entity.

D. The locality shall offer private lending institutions the opportunity to
participate in the green bank established pursuant to this section.

E. Prior to the adoption of any ordinance pursuant to this section, the locality
shall conduct a public hearing at which interested persons may object to or
inquire about the proposed green bank or any of its particulars. The public
hearing shall be advertised once a week for two successive weeks in a newspaper
of general circulation in the locality.

HISTORY: 2021, Sp. Sess. I, c. 405.