§ 8-15-101. Title

This chapter shall be known and may be cited as the “Property Assessed Clean Energy Act”.

§ 8-15-102. Definitions

As used in this chapter: (1) (A) “Bond” means a revenue bond or note issued under this chapter. (B) “Bond” includes any other financial obligation authorized by this chapter, the laws of this state, or the Arkansas Constitution; (2) “District” means a property assessed energy improvement district established in this state by law for the […]

§ 8-15-103. Legislative findings

The General Assembly finds that: (1) It is in the best interests of the state to authorize property assessed energy improvement districts that make available to citizens one (1) or more financing programs, including without limitation a PACE program, to fund energy efficiency improvements, renewable energy projects, and water conservation improvements on residential, commercial, industrial, […]

§ 8-15-104. Immunity

(a) The powers and duties of a property assessed energy improvement district conferred by this chapter are public and governmental functions exercised for a public purpose and for matters of public necessity. (b) The district and its personnel are immune from suit in tort for the performance of its duties under this chapter unless immunity […]

§ 8-15-105. Authority to create

(a) A governmental entity legally authorized to issue general revenue bonds may create a property assessed energy improvement district by adoption of an ordinance. (b) A combination of governmental entities may create a district by each governmental entity: (1) Adopting an ordinance that provides for the governmental entity’s participation in the district; and (2) Entering […]

§ 8-15-106. Membership in an existing district

(a) To become a member of an existing property assessed energy improvement district, the governing body of a governmental entity shall: (1) Adopt an ordinance that provides for the participation of the governmental entity in the district; and (2) Enter into an agreement with the other participating members of the district. (b) The agreement between […]

§ 8-15-107. Board of directors

(a) A property assessed energy improvement district created under this chapter shall be operated and controlled by a board of directors. (b) The board of directors shall manage and control each district, including without limitation the operations, business, and affairs of the district. (c) The board of directors shall be solely responsible for selecting the […]

§ 8-15-108. Membership on the board of directors

(a) The board of directors of a property assessed energy improvement district shall consist of at least seven (7) directors. (b) The board of directors shall include: (1) For a statewide district, the members specified in the agreement establishing the district; (2) For a district composed of a combination of one (1) or more counties […]

§ 8-15-109. Terms of directors

(a) A director who is a public official may serve on the board of directors of a property assessed energy improvement district during his or her term of office as the county judge or mayor of a member of the district. (b) A director who is the designated representative of the mayor or county judge […]

§ 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.