Chapter 3.90
ELECTRIC UTILITY RURAL ECONOMIC DEVELOPMENT REVOLVING FUND
Sections:
3.90.010 Established.
That there be and hereby is established a special revenue fund to be designated and known as the “electric utility rural economic development revolving fund.” (Ord. 2228 § 1 (part), 2009: Ord. 2035 § 1 (part), 1999).
3.90.020 Use of fund.
A. Said fund shall be used for the purpose of accounting for monies placed in the “electric utility rural economic development revolving fund.” The fund shall be devoted exclusively to funding qualifying projects in qualifying rural areas.
B. A qualifying project shall be a project designed to achieve job creation or business retention, to add or upgrade nonelectrical infrastructure, to add or upgrade health and safety facilities, to accomplish energy and water use efficiency improvements, including renewable energy development, or to add or upgrade emergency services in any designated qualifying rural area. Qualifying rural area shall be as defined in Chapter 82.16 RCW.
C. The city of Centralia light department is located in a qualifying geographic area within the state of Washington as defined in Chapter 82.16 RCW and has a light and power business with fewer than twenty-six active meters per mile of distribution line in any geographic area in the state and shall be allowed a credit against taxes in an amount equal to fifty percent of contributions made in any calendar year directly to an electric utility rural economic development revolving fund. The credit shall be taken in a form and manner as required by the Department of Revenue. The credit may not exceed twenty-five thousand dollars per calendar year. (Ord. 2228 § 1 (part), 2009: Ord. 2035 § 1 (part), 1999).
3.90.030 Expiration of fund.
The right to earn tax credits shall expire on June 30, 2011. (Ord. 2228 § 1 (part), 2009: Ord. 2035 § 1 (part), 1999).