(50 ILCS 50/5) Sec. 5. Definitions. As used in this Act: "Alternative energy improvement" means any fixture, product, system, equipment, device, material, or interacting group thereof intended to charge a motor vehicle that is fully or partially powered by electricity, including, but not limited to, electrical wiring, outlets, or charging stations. "Assessment" means a special assessment imposed by a governmental unit pursuant to an assessment contract. "Assessment contract" means a voluntary written contract between the applicable governmental unit
(or a permitted assignee) and record owner governing the terms and conditions of financing and
assessment under a program. "Authority" means the Illinois Finance Authority. "Capital provider" means any credit union, federally insured depository institution, insurance company, trust company, or other entity approved by a governmental unit or its program administrator or program administrators that finances or refinances an energy project by purchasing PACE bonds issued by the governmental unit or the Authority for that purpose. "Capital provider" also means any special purpose vehicle that is directly or indirectly wholly owned by one or more of the entities listed in this definition or any bond underwriter. "Energy efficiency improvement" means any fixture, product, system, equipment, device, material, or interacting group thereof
intended to decrease energy consumption or enable a more efficient use of electricity, natural gas,
propane, or other forms of energy on property, including, but not limited to, all of the
following: (1) insulation in walls, roofs, floors, foundations, |
"Energy project" means the acquisition, construction, installation, or modification of an alternative energy improvement, energy
efficiency improvement, renewable energy improvement, resiliency improvement, or water use improvement affixed to real property (including new construction).
"Governing body" means the legislative body, council, board, commission, trustees, or any other body by whatever name it is known having charge of the corporate affairs of a governmental unit.
"Governmental unit" means any county or municipality.
"PACE area" means an area within the jurisdictional boundaries of a governmental unit created by an ordinance or resolution of the governmental unit to provide financing for energy projects under a property assessed clean energy program. A governmental unit may create more than one PACE area under the program and PACE areas may be separate, overlapping, or coterminous.
"PACE bond" means any bond, note, or other evidence of indebtedness representing an obligation to pay money, including refunding bonds, issued under or in accordance with Section 35.
"Permitted assignee" means (i) the Authority, (ii) any bond trustee, (iii) any capital provider, or (iv) any other assignee of a governmental unit designated by the governmental unit in an assessment contract.
"Program administrator" means a for-profit entity or a not-for-profit entity that will administer a program on behalf of or at the discretion of the governmental unit.
"Property" means any privately-owned commercial, industrial, non-residential agricultural, or multi-family (of 5 or more units) real property
or any real property owned by a not-for-profit located within the governmental unit, but does not include any real property owned by a governmental unit.
"Property assessed clean energy program" or "program" means the program of a governmental unit to provide financing or refinancing for energy projects within PACE areas it has created under Section 10 and Section 15.
"Record owner" means the titleholder or owner of the beneficial interest in real property.
"Renewable energy improvement" means any fixture, product, system, equipment, device, material, or interacting group thereof on the property of the record owner that uses one or more renewable energy resources to generate electricity, including any renewable energy project, as defined in Section 825-65 of the Illinois Finance Authority Act.
"Renewable energy resource" includes energy and its associated renewable energy credit or renewable energy credits from wind energy, solar thermal energy, geothermal energy, photovoltaic cells and panels, biodiesel, anaerobic digestion, and hydropower that does not involve new construction or significant expansion of hydropower dams. For purposes of this Act, landfill gas produced in the State is considered a renewable energy resource. The term "renewable energy resources" does not include the incineration or burning of any solid material.
"Resiliency improvement" means any fixture, product, system, equipment, device, material, or interacting group thereof intended to increase resilience or improve the durability of infrastructure, including but not limited to, seismic retrofits, flood mitigation, fire suppression, wind resistance, energy storage, microgrids, and backup power generation.
"Warehouse fund" means any fund or account established by a governmental unit, the Authority, or a capital provider.
"Water use improvement" means any resiliency improvement, fixture, product, system, equipment, device, material, or interacting group thereof intended to conserve water resources or improve water quality on property, including, but not limited to, all of the following:
(1) water management or efficiency systems;
(2) water recycling;
(3) capturing, reusing, managing, and treating
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