,,ii #aafth ,,congress #ast ,session ,s4 #bbfa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #be1 #bjai ,mr4 ,udall introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to direct the ,secretary of the ,treasury to issue ,clean ,energy ,victory ,bonds4 #a4 ,short title ,this ,act may be cited as the ,clean ,energy ,victory ,bond ,act of #bjai4 #b4 ,findings ,congress finds the following3 7#a7 ,potential exists for increasing clean and renewable energy production and energy efficiency installation in the ,united ,states4 7#b7 ,other nations1 including ,china and ,germany1 are ahead of the ,united ,states in manufacturing and deploying various clean energy technologies1 even though many of these technologies were invented in the ,united ,states4 7#c7 ,climate change represents an existential threat to the safety1 security1 and economy of the ,united ,states4 ,rapid and robust deployment of clean energy will reduce greenhouse gas emissions and mitigate the effects of climate change on ,american society4 7#d7 ,many segments of the ,american public want to take charge of efforts to combat the effects of climate change and practice responsible consumer behavior4 7#e7 ,the ,office of ,energy ,efficiency and ,renewable ,energy of the ,department of ,energy 7referred to in this section as the ,,eere7 estimates that taxpayer investment of #ab1jjj1jjj1jjj into the ,,eere research and development portfolio has already yielded an estimated net economic benefit to the ,united ,states of more than #bcj1jjj1jjj1jjj1 with an overall annual return on investment of more than #bj percent4 7#f7 ,investments in renewable energy and energy efficiency projects in the ,united ,states create green jobs throughout the ,nation4 ,new and innovative jobs could be created through expanded government support for clean energy and energy efficiency4 7#g7 ,as ,americans choose energy efficiency and clean energy and transportation1 it reduces our dependence on foreign oil and improves our energy security4 7#h7 ,bonds are a low-cost method for encouraging clean energy1 as they do not require direct budget allocations or expenditures4 ,the projects supported through ,clean ,energy ,victory ,bonds will create jobs and business revenues that will increase ,federal tax revenues1 while simultaneously reducing nationwide health and environmental costs incurred by the ,federal ,government4 7#i7 ,bonds are voluntary measures that allow ,americans to contribute financially in whatever amount is available to them4 7#aj7 ,during ,world ,war ,,ii1 over #hj percent of ,american households purchased ,victory ,bonds to support the war effort1 raising over #ahe1jjj1jjj1jjj1 or over #b1jjj1jjj1jjj1jjj in today's dollars4 #c4 ,definitions ,for purposes of this ,act3 7#a7 ,clean energy project ,the term clean energy project means a technology that provides-- 7,a7 performance-based energy efficiency improvements2 or 7,b7 clean energy improvements1 including-- 7i7 electricity generated from solar1 wind1 geothermal1 small-scale hydropower1 and hydrokinetic energy sources2 7ii7 fuel cells using non-fossil fuel sources2 7iii7 advanced storage technologies2 7iv7 next generation biofuels from sustainable non-food feedstocks2 and 7v7 electric vehicle infrastructure4 7#b7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury or the ,secretary's delegate4 #d4 ,clean ,energy ,victory ,bonds 7a7 ,in general ,not later than #f months after the date of the enactment of this ,act1 the ,secretary1 in consultation with the ,secretary of ,energy and the ,secretary of ,defense1 shall issue bonds to be known as ,clean ,energy ,victory ,bonds1 the proceeds from which shall be used to carry out the purposes described in subsection 7c7 of section #ieab of the ,internal ,revenue ,code of #aihf 7as added by section #e74 7b7 ,savings bond ,any ,clean ,energy ,victory ,bond issued under this section shall be issued by the ,secretary-- 7#a7 as a savings bond of series ,,ee1 or as administered by the ,bureau of the ,fiscal ,service of the ,department of the ,treasury1 in a manner consistent with the provisions of section #caje of title #ca1 ,united ,states ,code2 and 7#b7 in denominations of #be and such other amounts as are determined appropriate by the ,secretary1 and shall mature within such periods as determined by the ,secretary4 7c7 ,amount of ,clean ,energy ,victory ,bonds ,the aggregate face amount of the ,clean ,energy ,victory ,bonds issued annually under this section shall be not greater than #ej1jjj1jjj1jjj4 7d7 ,interest ,clean ,energy ,victory ,bonds shall bear interest at the rate the ,secretary sets for ,savings ,bonds of ,series ,,ee and ,series ,i1 plus a rate of return determined by the ,secretary which is based on the valuation of-- 7#a7 savings achieved through reduced energy spending by the ,federal ,government resulting from clean energy projects funded from the proceeds of such bonds2 and 7#b7 interest collected on loans financed or guaranteed from the proceeds of such bonds4 7e7 ,full faith and credit ,payment of interest and principal with respect to any ,clean ,energy ,victory ,bond issued under this section shall be made from the general fund of the ,treasury of the ,united ,states and shall be backed by the full faith and credit of the ,united ,states4 7f7 ,promotion 7#a7 ,in general ,the ,secretary shall take such actions1 independently and in conjunction with financial institutions offering ,clean ,energy ,victory ,bonds1 to promote the purchase of ,clean ,energy ,victory ,bonds1 including campaigns describing the financial and social benefits of purchasing ,clean ,energy ,victory ,bonds4 7#b7 ,promotional ,activities ,for purposes of paragraph 7#a71 promotional activities may include advertisements1 pamphlets1 or other promotional materials-- 7,a7 in periodicals2 7,b7 on billboards and other outdoor venues2 7,c7 on television2 7,d7 on radio2 7,e7 on the internet2 7,f7 within financial institutions2 or 7,g7 any other venues or outlets the ,secretary may identify4 #e4 ,clean ,energy ,victory ,bonds ,trust ,fund 7a7 ,in general ,subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #ieab4 ,clean ,energy ,victory ,bonds ,trust ,fund 7a7 ,creation of trust fund ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,clean ,energy ,victory ,bonds ,trust ,fund1 consisting of such amounts as may be apportioned or credited to such ,trust ,fund as provided in this section or section #ifjb7;b74 7b7 ,transfers to trust fund ,there are hereby appropriated to the ,trust ,fund-- 7#a7 amounts equivalent to revenue from the issuance of ,clean ,energy ,victory ,bonds under section #d of the ,clean ,energy ,victory ,bond ,act of #bjai1 and 7#b7 any gifts or bequests made to the ,trust ,fund which are accepted by the ,secretary for the benefit of such ,fund or any activity financed through such ,fund4 7c7 ,expenditures from trust fund ,amounts in the ,trust ,fund shall be available1 without further appropriation1 to finance clean energy projects 7as defined in section #c of the ,clean ,energy ,victory ,bond ,act of #bjai7 at the ,federal1 ,state1 and local level1 which may include-- 7#a7 providing additional support to existing ,federal financing programs available to ,states for energy efficiency upgrades and clean energy deployment1 7#b7 providing funding for clean energy investments by all ,federal agencies1 7#c7 providing funding for electric grid enhancements and connections that enable clean energy deployment1 7#d7 providing funding to renovate existing inefficient buildings or building new energy efficient buildings1 7#e7 providing tax incentives and tax credits for clean energy technologies1 7#f7 providing funding for new innovation research1 including ,,arpa-,e1 public competitions similar to those designed by the ,x ,prize ,foundation1 grants provided through the ,office of ,energy ,efficiency and ,renewable ,energy of the ,department of ,energy1 or other mechanisms to fund revolutionary clean energy technology1 7#g7 providing additional support to existing ,federal1 ,state1 and local grant programs that finance clean energy projects1 and 7#h7 providing funding for zero-emission vehicle infrastructure and manufacturing4 4 7b7 ,clerical amendment ,the table of sections for subchapter ,a of chapter #ih of such ,code is amended by adding at the end the following new item3 ,sec4 #ieab4 ,clean ,energy ,victory ,bonds ,trust ,fund4 4