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[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1813 Introduced in Senate (IS)]

110th CONGRESS
  1st Session
                                S. 1813

 To amend the Energy Policy Act of 2005 to provide individuals with an 
   opportunity to participate in the financing or ownership of local 
                             biorefineries.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                July 18 (legislative day, July 17), 2007

  Mr. Coleman (for himself and Mr. Feingold) introduced the following 
bill; which was read twice and referred to the Committee on Energy and 
                           Natural Resources

_______________________________________________________________________

                                 A BILL

 
 To amend the Energy Policy Act of 2005 to provide individuals with an 
   opportunity to participate in the financing or ownership of local 
                             biorefineries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LOCAL OWNERSHIP OF BIOREFINERIES.

    (a) In General.--Subtitle A of title II of the Energy Policy Act of 
2005 (42 U.S.C. 15851 et seq.) is amended by adding at the end the 
following:

``SEC. 212. LOCAL OWNERSHIP OF BIOREFINERIES.

    ``(a) Definitions.--In this section:
            ``(1) Biorefinery.--The term `biorefinery' has the meaning 
        given the term in section 9003(b) of the Farm Security and 
        Rural Investment Act of 2002 (7 U.S.C. 8103(b)).
            ``(2) Eligible purchaser.--The term `eligible purchaser', 
        with respect to a biorefinery, means--
                    ``(A) a natural person with a principal residence 
                that is located not more than 50 miles from the 
                biorefinery; or
                    ``(B) a farmer or rancher cooperative.
    ``(b) Requirement.--
            ``(1) In general.--Subject to paragraphs (2) and (3), in 
        the case of a biorefinery that is financed, refinanced, or 
        financially supported, in whole or in part, using a loan, loan 
        guarantee, or grant made by a Federal agency on or after the 
        date of enactment of this section, as a condition of the 
        receipt of the loan, loan guarantee, or grant, the recipient 
        shall provide eligible purchasers with an opportunity to 
        participate in the financing or ownership of the biorefinery in 
        accordance with this section.
            ``(2) Farmers and rancher cooperatives.--
                    ``(A) In general.--If the recipient of a loan, loan 
                guarantee, or grant made by a Federal agency under 
                paragraph (1) is a farmer or rancher cooperative, the 
                requirement described in paragraph (1) is fulfilled.
                    ``(B) Authority of farmer and rancher 
                cooperative.--A farmer or rancher cooperative described 
                in subparagraph (A) may provide eligible purchasers 
                with an opportunity to participate in the financing or 
                ownership of the biorefinery in accordance with this 
                section.
            ``(3) Level of federal support.--Paragraph (1) shall apply 
        to a biorefinery only if not less than 3 percent of the total 
        amount of funds that is used to finance, refinance, or 
        financially support the biorefinery is derived from Federal 
        funds.
    ``(c) Terms and Conditions.--To be eligible to receive a loan, loan 
guarantee, or grant from a Federal agency in connection with a 
biorefinery, the recipient--
            ``(1) during the 60-day period beginning on the date of 
        receipt of the loan, loan guarantee, or grant by the recipient, 
        shall permit eligible purchasers to participate in the 
        financing or ownership of the biorefinery on the conditions 
        that--
                    ``(A) eligible purchasers, collectively, be allowed 
                to invest not less than 40 percent of the projected 
                total amount of non-Federal funds that will be used to 
                construct or expand the biorefinery; and
                    ``(B) an individual eligible purchaser be allowed 
                to invest not more than 2.5 percent of the projected 
                total amount of non-Federal funds that will be used to 
                construct or expand the biorefinery;
            ``(2) shall provide to eligible purchasers competitive 
        terms and conditions that are no less favorable than the terms 
        and conditions that are offered for funding for similar 
        recipients or classes of recipients or, if there are no similar 
        recipients or classes of recipients, other entities with 
        similar risk characteristics, as determined by the Secretary;
            ``(3) if the amount of funding offered by eligible 
        purchasers for a biorefinery exceeds the amount that is 
        solicited by a recipient, may--
                    ``(A) accept all such offered amounts; or
                    ``(B) award the amounts on a competitive basis; and
            ``(4) shall conduct the financing or refinancing of the 
        biorefinery in accordance with Federal law (including Federal 
        law governing securities).''.
                                 <all>
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