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(a) To qualify as the County’s Green Bank, a corporation’s Board of Directors must have no more than 15 voting members. The corporation’s bylaws should specify that the County Executive may appoint up to 5 board members, including the Directors of Environmental Protection and Finance, subject to confirmation by the County Council.
(b) Each voting member should be a resident of the County. The members of the Board of Directors should include:
(1) representatives of residential groups;
(2) representatives of low-income groups;
(3) representatives of environmental organizations;
(4) representatives of business organizations;
(5) persons with experience in investment or fund management;
(6) persons with banking and lending experience;
(7) persons with experience in the finance or deployment of renewable energy or energy efficiency;
(8) the Director of the Montgomery County Department of Environmental Protection or the Director’s designee; and
(9) the Director of the Montgomery County Department of Finance or the Director’s designee.
(c) A member must not be paid for service on the Board but may be reimbursed for necessary travel expenses.
(d) A member is not subject to Chapter 19A because of serving on the Board. The Bank’s bylaws must include provisions defining and regulating conflicts of interest by Board members and Bank staff.
(e) Notwithstanding any inconsistent provision of Section 19A-21, a member of the Board of Directors who engages in legislative or administrative advocacy as part of that member’s duties on the Board is not required to register as a lobbyist under Article V of Chapter 19A because of that advocacy.
(f) The Board must direct the program, management, and finances of the corporation.
(g) The Bank’s bylaws must provide that upon dissolution of the Green Bank, all assets must be transferred within 30 days from dissolution to either its successor Green Bank as authorized by Resolution or to the County for use permitted by the Green Bank legislation. (2015 L.M.C., ch. 35, § 1; 2016 L.M.C., ch. 28, §1; 2023 L.M.C., ch. 8, §1.)
(a) To qualify as the County’s Green Bank, a corporation’s articles of incorporation must provide that the corporation is:
(1) a tax-exempt nonprofit corporation;
(2) not an instrumentality of the County; and
(3) incorporated for the sole purpose of serving as the County’s Green Bank.
(b) The Green Bank’s bylaws may contain any provision, not inconsistent with law or the articles of incorporation, necessary to govern and manage the Bank. The Green Bank may exercise all powers and is subject to all applicable provisions of the Financial Institutions Article of the Maryland Code.
(c) The Board must adopt and may amend the Green Bank’s bylaws. The Board must submit any proposed amendment to the articles of incorporation or bylaws to the Executive and Council for review and comment at least 60 days before the Board takes final action on the amendment. The Board must submit a copy of each adopted amendment to the Executive and Council within 5 days after adoption.
(d) The bylaws must require the Green Bank to comply with the Maryland Open Meetings Act and provide that all meetings of the Board of Directors must be open to the public except when closed on a recorded vote of the Board for a reason expressly listed in the state law. (2015 L.M.C., ch. 35, § 1.)
(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.
The Board of Directors must report annually by December 31 on the activities and finances of the Green Bank to the Executive and Council. The report must include details about the use and fund balance of County funds. (2015 L.M.C., ch. 35, § 1; 2022 L.M.C., ch. 2, §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.
2015 L.M.C., ch. 35, § 2 states: “Green Bank Work Group.
(a) The Executive must convene a Green Bank Work Group. Members of the Work Group must include representatives from the County departments of Environmental Protection, Finance, and Economic Development; investment and financing industry, such as regional and national banks, property trusts, and other lending institutions or companies; energy services companies; building owners and managers; industry trade associations; environmental organizations; nonprofit organizations; and utility companies.
(b) The Work Group must:
(1) review the application of Chapter 18A, Article 7, as added by Section 1 of this Act, in the context of relevant best practices and local needs; and
(2) submit a report to the County Council and County Executive by June 30, 2016 with recommendations on implementing Chapter 18A, Article 7, including any proposed amendments to County Law.”