As Amended
SEC. 57-39-39. Energy Development Fund.
(1) There is hereby created in the State Treasury a fund to be known as the Energy Development Fund. Monies in such fund are reserved exclusively for:
(a) Promoting the development and demonstration of efficient, environmentally acceptable and commercially feasible technologies, techniques and processes in the development of Mississippi's energy resources.
(b) Developing projects under this section which will demonstrate a realistic promise of making a significant energy contribution to the State of Mississippi.
(c) Effectively utilizing the state's existing alternative and conventional energy resources to foster economic and social improvements in the state.
(2) The Department of Economic and Community Development will administer the fund. The department will establish policy and guidelines for use of the fund not later than one hundred twenty (120) days after July 1, 1983. The department will take advantage of expertise and capabilities existing within the state and will consider the research needs of other state institutions such as the University Research Center, Mississippi Department of Environmental Quality, Mississippi Mineral Resources Institute, Mississippi Energy Research Center, state institutions of higher learning and others in establishing energy development programs.
(3) The fund will be used to finance contractual obligations incurred in research, development, demonstration activities and grant awards. Money from the fund may be used in matching state, federal or private funding sources, and the department is authorized to accept contributions for the fund from any public or private source.
(4) The department will submit to the Governor on or before December 31 of each year a comprehensive report on the operation of the fund.
(5) For the purposes of this section, "energy resources" means alternative energy resources (such as biomass, solar, geothermal and wind) and conventional energy resources (such as lignite, oil and natural gas).
SOURCES: Laws, 1983, ch. 440, Sec. 1; 1988, ch. 518, Sec. 62; 1992, ch. 496, Sec. 42, eff from and after July 1, 1992.