Sec. 15. Program established.

243 words·~1 min read·/il/chapter-50/act-50/15

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)To establish a property assessed clean energy program, the governing body shall adopt a resolution or ordinance that includes all of the following:

(1)a finding that the financing or refinancing of energy projects is a valid public

purpose;

(2)a statement of intent to facilitate access to capital (which may be from one or more

program administrators or as otherwise permitted by this Act) to provide funds for energy projects, which will be repaid by assessments on the property benefited with the agreement of the record owners;

(3)a description of the proposed arrangements for financing the program through the

issuance of PACE bonds under or in accordance with Section 35, which PACE bonds may be purchased by one or more capital providers;

(4)the types of energy projects that may be financed or refinanced;

(5)a description of the territory within the PACE area;

(6)a transcript of public comments if any discretionary public hearing on the proposed

program was previously held by the governmental unit prior to the consideration of the resolution or ordinance establishing the program; and

(7)the report on the proposed program as described in Section 20; for this purpose, the

resolution or ordinance may incorporate the report or an amended version thereof by reference and shall be available for public inspection.

(b)A property assessed clean energy program may be amended in accordance with the resolution or ordinance establishing the program.