P.R. Laws tit. 13, § 10423
(a) A special fund is hereby created and established to be denominated the Green Energy Fund of Puerto Rico, separate from the General Fund of the Government of Puerto Rico. The Department of the Treasury shall establish said fund as a special fund, separate from other government funds, as provided hereinbelow:
(1) Starting on Fiscal Year 2011-2012, the first collections from excise taxes on account of motor vehicles and motorcycles collected pursuant to Section 2011 of the Puerto Rico Internal Revenue Code shall be covered, when the Department of the Treasury receives them, into a special fund to be maintained by and in favor of the Green Energy Fund, designated as the “Green Energy Fund of Puerto Rico”, and shall be used by the Green Energy Fund for the purposes set forth in this chapter up to the maximum amount of:
Fiscal Year Amount
2011-2012 $20,000,000
2012-2013 $20,000,000
2013-2014 $25,000,000
2014-2015 $30,000,000
2015-2016 $35,000,000
2016-2020 $40,000,000
In the event that the collections of such excise taxes are insufficient to cover the amounts herein appropriated, there shall be no debt, obligation, commitment whatsoever with public entities or third parties due to the partial or total omission of sufficient resources to cover the same. Provided, That for Fiscal Year 2014-2015, the sum of four million, five hundred thousand dollars ($4,500,000) of the balance available in this Fund as of the date of the approval of this act shall be transferred to the “Legal Liability Fund”. Provided, further, That for Fiscal Year 2015-2016, the sum of five million dollars ($5,000,000) in account number 1320000-274-081-2011, or in any other created for the same purposes in the Department of the Treasury’s accounting system shall be transferred from this Fund to the “2015-2016 Legal Liability Fund”. Provided, further, That for Fiscal Year 2016-2017, the sum of two million dollars ($2,000,000) in account number 1320000-274-081-2011 of the Department of the Treasury’s accounting system shall be transferred from this Fund to the “Special Education Students Service and Therapy Fund”, created by Act No. 73-2014. Provided, further, That for Fiscal Year 2016-2017, the sum of five million dollars ($5,000,000) shall be transferred from said account 1320000-274-081-2011 from the resources that continue to be covered into same, or any other account created for the same purposes in the Department of the Treasury’s accounting system to the “Elections Support Fund”.
(2) The Green Energy Fund is hereby empowered to set aside a portion of said funds in one or more subaccounts and to pledge such funds or part thereof to one or more subaccounts, subject to the provisions of Section 8 of Article VI of the Constitution of the Commonwealth of Puerto Rico, in order to comply with the obligations assumed pursuant to the provisions of this chapter that are consistent with the public interests established herein.
(3) If at the closing of any fiscal year, the Evaluating Committee, after taking into account the long-term contractual obligations authorized pursuant to this chapter, determines that there is a surplus or remainder of funds, they shall be transferred to the Secretary of the Treasury to be deposited in the General Fund. The existence of a surplus shall be ratified by the Green Energy Fund to the Secretary of the Treasury and the Office of Management and Budget for the latter to determine whether the transfer shall be made or the corresponding deposit, pursuant to subsection (a) of this section, shall be reduced in proportion with the notified surplus.
(b) The public interest sought by the activities of the Administration and the Green Energy Fund shall include the following:
(1) The development, use, and accessibility increase of green energy sources in Puerto Rico;
(2) the protection of the environment and the wellbeing of the health of the people of Puerto Rico through the prevention, mitigation, reduction, and relief of adverse effects;
(3) the distribution of the benefits obtained from the increase in diversity of fuel and electricity supplies for consumers in Puerto Rico;
(4) the promotion of higher investments from the public and/or private sector in, and promote competitive advantages for green energy, as well as enterprises, institutions, and projects related thereto in Puerto Rico, and
(5) the promotion of entrepreneurial activities in these enterprises, institutions, and projects.
(6) To guarantee that the commercial activity and the economic development of Puerto Rico is promoted and furthered.
(c) To further these public purposes and interests, the Administration shall grant by means of disbursements from the Green Energy Fund, incentives, contracts, loans, investment instruments, or energy production credits, provide financial aid, and take any other action, in any manner or under the terms and conditions it determines, in accordance with the criteria and procedures that the Administration may deem appropriate pursuant to the public policy set forth in this chapter, and consistent with sound business practices, including but not limited to the following:
(1) Promote the growth of the green energy producer industry.
(2) Promote of the use of green energy by energy consumers in Puerto Rico.
(3) Provide the public with training, preparation, and education in connection with green energy.
(4) Develop products and marketing.
(5) Demonstrations and pilot projects, and other activities designed to increase the use of and accessibility to green energy sources by and for consumers in Puerto Rico.
(6) Provide financing in order to support the development and implementation of green energy technologies at all levels, including but not limited to marketing activities.
(7) Preserve and maximize energy resources.
In the evaluation, analysis, consideration, award, renegotiation, and revision of any incentives or benefits granted by the Green Energy Fund, the Administration and its Executive Director shall be required to adopt, oversee, and ensure compliance with the Governing Principles set forth in § 10438(a) of this title. The Executive Director shall be the sole official responsible for verifying and ensuring that exempt businesses meet the eligibility requirements provided in the Green Energy Fund.
(d) The Administration shall recommend, develop, and implement programs, projects, and initiatives in one or more of the manners provided in subsection (c) of this section. For each program, project, or initiative, the Administration may establish the necessary regulation for its implementation and administration. The regulation shall be adopted and amended from time to time, whenever necessary, to tend to the public purposes and interests of this subchapter, pursuant to the public policy of this chapter. The Administration shall be empowered to resort to or use the wide array of resources, expertise, and participation of all the agencies and instrumentalities of the Government of Puerto Rico, to the extent necessary, for the design and the implementation of programs, projects, or initiatives pursuant to this section. Prior to, and pending the approval of the regulation provided in this subsection, the only programs authorized to receive disbursements from the Puerto Rico Green Energy Fund shall be those described in § 10429 of this title.
(e) Prior to the establishment of any program, project, or initiative in addition to the provisions of § 10429 of this title requiring the disbursement of money from the Green Energy Fund, the Administration shall submit a proposal to the Secretary of Development and the Evaluating Committee, which shall certify that such program, project or initiative is consistent with the public policy and the economic development of Puerto Rico.
(f) As of the fiscal year ending on June 30, 2011, the Administration shall file an annual report with the Governor and the Legislature stating the disbursements and investments of the Green Energy Fund during the previous fiscal year and the Fund’s compliance with the requirements and the provisions of this section, as well as any other recommendation to improve the capacity of the Administration and the fund to comply with the requirements and provisions of this section.
History —July 19, 2010, No. 83, § 2.2; July 1, 2014, No. 78, § 3; July 2, 2015, No. 105, § 24; Nov. 17, 2015, No. 187, § 93; July 22, 2016, No. 81, § 7.