Illinois General Assembly - Illinois Compiled Statutes

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50 ILCS 50/15

    (50 ILCS 50/15)
    Sec. 15. Program established.

(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.

(Source: P.A. 101-169, eff. 7-29-19; 102-558, eff. 8-20-21.)