(a) The Board of Directors must adopt a work program each year to advance the policy objectives and perform the activities listed in Section 18A-44.
(b) The Green Bank’s work program may include a plan for sponsorship of private investment, marketing, and advocacy initiatives.
(c) The Board must meet with the Executive and the Committee of the Council that oversees environmental sustainability, at least annually.
(d) The Department of Environmental Protection may, if the Board of Directors requests, provide incidental administrative support for the Green Bank, including contracts, grants, or services in kind, subject to appropriation.
(e) Funding sources for the Green Bank may include:
(1) federal or State funds provided to it;
(2) County funds, including a portion of the fuel-energy tax revenue received by the County, provided that any funds given to the Green Bank under Chapter 52, Sec. 52-14 must only be used to promote the investment in clean energy technologies and to provide financing for clean energy technologies, including renewable energy and energy efficiency projects and must not be used for resiliency activities
(3) charitable gifts, grants, or contributions, investments, and loans from individuals, corporations, university endowments, and philanthropic foundations; and
(4) earnings and interest derived from its investments and financing support for climate change mitigation and adaptation activities backed by the Green Bank.
The Green Bank may also raise private funds and may accept services from any source consistent with its purpose.
(f) Restrictions on County funding. After July 1, 2023, the Green Bank must not use the annual direct appropriations from the County to fund new mechanical energy equipment that uses fossil fuels or the equipment that upgrades the efficiency of existing mechanical energy equipment that uses fossil fuels. The Green Bank must use the annual direct appropriations from the County as follows:
(1) 20% of the funds must be used to support the Bank’s activities in Equity Emphasis Areas in the County as defined by the Metropolitan Washington Council of Governments; and
(2) 15% of the funds must be used to reduce the cost of energy projects undertaken by property owners by a loan subsidy, interest rate buydown, technical assistance, pre-development, blended capital, or other similar tools. (2015 L.M.C., ch. 35, § 1; 2022 L.M.C., ch. 2, §1; 2023 L.M.C., ch. 8, §1.)
Editor’s note—2022 L.M.C., ch. 2, §2, states: Sec. 2. Effective date; report. The amendments in Section 1 take effect on July 1, 2022. The Director of the Department of Environmental Protection must submit a report to the Council and the Executive on or before May 1, 2023 estimating the cost of converting fossil fuel mechanical energy equipment to electric power.