Sec. 20. Program report.

379 words·~2 min read·/il/chapter-50/act-50/20

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Sec. 20. Program report. The report on the proposed program required under Section 15 shall include all of the following:

(1)a form of assessment contract between the governmental unit and record owner

governing the terms and conditions of financing and assessment under the program;

(2)identification of one or more officials authorized to enter into an assessment

contract on behalf of the governmental unit;

(3)(blank);

(4)an application process and eligibility requirements for financing or refinancing

energy projects under the program;

(5)a method for determining interest rates on amounts financed or refinanced under

assessment contracts, repayment periods, and the maximum amount of an assessment, if any;

(6)an explanation of the process for billing and collecting assessments;

(7)a plan to finance the program pursuant to the issuance of PACE bonds under or in

accordance with Section 35;

(8)information regarding all of the following, to the extent known, or procedures to

determine the following in the future:

(A)any revenue source or reserve fund or funds to be used as security for PACE

bonds described in paragraph (7); and

(B)any application, administration, or other program fees to be charged to record

owners participating in the program that will be used to finance and reimburse all or a portion of costs incurred by the governmental unit as a result of its program;

(9)a requirement that the term of an assessment not exceed the useful life of the

energy project financed or refinanced under an assessment contract; provided that an assessment contract financing or refinancing multiple energy projects with varying lengths of useful life may have a term that is calculated in accordance with the principles established by the program report;

(10)a requirement for an appropriate ratio of the amount of the assessment to the

greater of any of the following:

(A)the value of the property as determined by the office of the county assessor; or

(B)the value of the property as determined by an appraisal conducted by a licensed

appraiser;

(11)a requirement that the record owner of property subject to a mortgage obtain

written consent from the mortgage holder before participating in the program;

(12)provisions for marketing and participant education;

(13)(blank); and

(14)quality assurance and antifraud measures.