§ 8-15-110. District boards of directors — Meetings
(a) The board of directors of a property assessed energy improvement district shall hold quarterly meetings and special meetings, as needed, in a courthouse or other location within the district. (b) The time and place of the quarterly meetings shall be on file in the office of the district board of directors.
§ 8-15-111. District boards of directors — Powers and duties
(a) The board of directors of a property assessed energy improvement district may: (1) Issue revenue bonds on behalf of the district; (2) Make and adopt all necessary bylaws for its organization and operation; (3) Elect officers and employ personnel necessary for its operation; (4) Operate, maintain, expand, and fund a PACE project; (5) Apply […]
§ 8-15-112. Reporting requirement — Collection of assessments
(a) (1) (A) By March 1 of each year or upon the creation of a property assessed energy improvement district that uses or intends to use the county collector for collection of district assessments, a district shall file an annual report with the county clerk in any county in which a portion of the district […]
§ 8-15-113. Financing projects
(a) A property assessed energy improvement district may establish a PACE program to provide loans for the initial acquisition and installation of energy efficiency improvements, renewable energy projects, and water conservation improvements with consenting real property owners of existing real property and new construction. (b) (1) The district may authorize by resolution the issuance of […]
§ 8-15-114. Program guidelines
The board of directors of a property assessed energy improvement district, together with any third-party administrator it may select, shall determine: (1) The guidelines of the PACE program, including without limitation that: (A) The base energy performance evaluation shall be completed by a certified and qualified energy evaluation professional to determine existing energy use and […]
§ 8-15-115. Payment by special assessments
The credit and taxing power of the State of Arkansas shall not be pledged for the debt evidenced by the bonds, which are payable solely from the revenues received from the special assessments on the participants’ real property under this chapter.
§ 8-15-116. Bonds
(a) A property assessed energy improvement district may: (1) Issue bonds to provide the PACE program loans authorized by this chapter; and (2) Create a debt reserve fund of legally available moneys from nonstate sources as partial security for the bonds. (b) Bonds issued under this chapter and income from the bonds, including any profit […]
§ 8-15-117. Sale
The bonds may be sold in such a manner, either at public or private sale, and upon such terms as the board of directors of a property assessed energy improvement district shall determine to be reasonable and expedient for effectuating the purposes of this chapter.
§ 8-15-118. Revolving fund
(a) A property assessed energy improvement district may maintain a revolving fund to be held in trust by a banking institution chosen by the board of directors of the district separate from any other funds and administered by the board. (b) A district may transfer into its revolving fund money from any permissible source, including: […]
§ 8-15-119. Notice to mortgage lender
At least thirty (30) days before the execution of an agreement with a property assessed energy improvement district, an owner shall provide written notice to each mortgage lender holding a lien on the owner’s property of the owner’s application to participate in a PACE program.