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From: Press Release from Iowa Governor's Office <[log in to unmask]>
Reply-To: Press Release from Iowa Governor's Office <[log in to unmask]>
Date: Wed, 23 May 2007 14:30:03 -0500
To: Press Release from the Governor's Office <[log in to unmask]>
Conversation: Governor Culver Signs Historic Power Fund Into Law
Subject: Governor Culver Signs Historic Power Fund Into Law
OFFICE OF THE GOVERNOR
Governor Chet Culver « Lt. Governor Patty Judge
FOR IMMEDIATE RELEASE
May 23, 2007Contact: Brad Anderson
(515) 281-0173
GOVERNOR CULVER SIGNS HISTORIC POWER FUND INTO LAW
GOVERNOR SIGNS POWER FUND POLICY IN AMES; SIGNS POWER FUND APPROPRIATIONS IN CEDAR FALLS
(Des Moines) Today, Governor Chet Culver declared, “Our 21st Century Iowa Expedition starts now!” and signed the historic $100 million Iowa Power Fund into law.
The Governor signed the Power Fund Policy Bill (HF 918) in the Food Sciences Building at Iowa State University in Ames. Later this afternoon, the Governor signed the Power Fund Appropriations bill (HF 927) in the Center for Energy & Environment Education at the University of Northern Iowa in Cedar Falls.
“Today, I believe, is the time for Iowa to take the lead in the race to become the energy capital of the world,” said Governor Culver. “The Power Fund is an exciting, forward-thinking plan that will coordinate our efforts as we explore our new energy frontier. By signing the Power Fund into law, we can create the jobs of the future in Iowa that will keep our kids at home where they belong. I believe the Power Fund is one of the most important pieces of legislation the Iowa legislature has passed in recent history, and I commend them for their efforts.”
The goal of the Power Fund is to invest in cutting edge research and development that is required in the new energy economy. This will create the jobs of the future and work to wean ourselves off foreign oil. More specifics on the Iowa Power Fund are below:
THE IOWA POWER FUND (HF 918):
- Establishes the Office of Energy Independence.
- The Director of the Office of Energy Independence is appointed by the Governor. This person will, among other things: 1) Coordinate administration of the Fund; 2) Coordinate existing state and Federal energy policy programs; 3) Pursue new research investment funds from public and private sources; 4) Establish renewable energy performance measures; 5) Develop an Iowa Energy Independence plan.
- WHO CAN APPLY? Anyone working to research, develop, commercialize and implement new ways to wean ourselves off foreign oil through: 1) New types of renewable energy; 2) Emerging biofuels such as cellulosic ethanol; 3) Energy efficiency.
- POWER FUND DUE DILIGENCE COMMITTEE will consist of 7 members. These individuals will review recommendations that come before the Power Fund Board:
ü Office of Energy Independence appointee with business expertise;
ü Regents representative;
ü DED representative;
ü Iowa Energy Center representative;
ü DED biotechnology commercialization representative;
ü 2 members of the Power Fund Board.
- POWER FUND BOARD will be made up of 11 members:
ü IUB Chair or designee;
ü DED Director or designee;
ü DNR Director or designee;
ü Secretary of Agriculture or designee;
ü 7 appointees by the Governor (3-year terms; must be confirmed by Senate);
In addition, there are 7 ex-officio members representing legislature, Regents, IA Association of Community College Presidents, and IA Association of Independent Colleges and Universities.
- ESTABLISHES IOWA ENERGY INDEPENDENCE PLAN: A Plan shall be developed by the Director of the Office of Energy Independence with the assistance of DNR and with public and private partners selected by the director. The plan shall provide options and strategies for reducing Iowa’s consumption of energy, dependence on foreign sources of energy, use of fossil fuels, and greenhouse gas emissions. This plan shall provide for achieving independence from foreign sources by 2025. The plan shall be submitted to the Governor and General Assembly by December 14, 2007.
- ESTABLISHES ENERGY EFFICIENCY STUDY: The Iowa Utilities Board (IUB) shall conduct a study of energy efficiency plans and programs offered by all natural gas and electric utilities to determine the status and effectiveness of such programs. Results of the study should be made to the General Assembly by January 1, 2008.
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<http://www.governor.iowa.gov>
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