Interest rate subsidy payment (Repealed)

(a) Calculation. Not later than August 1 of each year, the Commissioner shall calculate the interest rate subsidy payment which shall be the lesser of the following amounts: (1) The difference between (1) the weighted average of the percentage rates of interest payable on all subsidized loans made from the energy conservation revolving loan account, and (2) the average of the percentage rates of interest on any bonds and notes issued pursuant to section 3-20 of the General Statutes, which have been dedicated to the energy conservation loan program under sections 32-315 to 32-318, inclusive, of the General Statutes and used to fund such loans (3) multiplied by the outstanding amount of all such loans. (2) The maximum allowable under Section 103 (b) (2) of the Internal Revenue Code of 1986 or any successor legislation thereto; or (3) Six percent of the sum of the outstanding principal amount at the end of each fiscal year of all loans made from the energy conservation revolving loan account and the balance remaining in the energy conservation revolving loan account. (b) Collection. The amount of the interest rate subsidy payment shall be paid by the electric and gas companies having at least seventy-five thousand (75,000) customers, as allocated by the Ct. Department of Public Utility Control. Not later than September 1 of each year, the Commissioner shall bill the electric and gas companies. Payment shall be due no later than October 1 of each year.