Title 45.2. Mines, Minerals, and Energy
Chapter 1. Administration
§ 45.2-114. Virginia Clean Energy Innovation Bank; Bank Advisory Board.
A. The Virginia Clean Energy Innovation Bank is established in the Department. The purpose of the Bank is to accelerate the deployment of clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public funds in the form of grants, loans, credit enhancements, and other financing mechanisms in order to leverage existing public and private sources of capital to reduce the upfront and total cost of qualified projects and to overcome financial barriers to project adoption, especially in low-income communities.
B. 1. The Virginia Clean Energy Innovation Bank Advisory Board (the Bank Advisory Board) is established as an advisory board in the executive branch of state government for the purpose of advising, overseeing, and making advisory recommendations related to the Virginia Clean Energy Innovation Bank and its effectiveness in fulfilling the purposes described subsection A.
2. The Bank Advisory Board shall have a total membership of eight members that shall consist of six nonlegislative citizen members and two ex officio members. Nonlegislative citizen members shall be appointed as follows: two members to be appointed by the Senate Committee on Rules, two members to be appointed by the Speaker of the House of Delegates, and two members to be appointed by the Governor. Each nonlegislative citizen member shall have expertise in matters relevant to the Bank. The Director and the Chief Executive Officer of the Virginia Economic Development Partnership Authority, or their designees, shall serve ex officio with voting privileges. Nonlegislative citizen members of the Board shall be citizens of the Commonwealth.
3. The nonlegislative citizen members of the Bank Advisory Board shall be appointed for five-year staggered terms. Each ex officio member of the Bank Advisory Board shall serve a term coincident with his term of office. Appointments to fill vacancies, other than by expiration of a term, shall be for the unexpired term. Vacancies shall be filled in the same manner as the original appointments. No person shall serve more than two consecutive terms. The remainder of any term to which a member is appointed to fill a vacancy shall not constitute a term in determining the member's eligibility for reappointment.
4. The Bank Advisory Board shall annually elect a chair and vice-chair from among its membership and shall formulate rules for its organization and procedure. A majority of the members shall constitute a quorum.
5. The nonlegislative citizen members of the Bank Advisory Board shall serve without compensation or reimbursement for expenses incurred in the performance of their duties.
