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(50 ILCS 50/20) 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;
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(2) identification of one or more officials
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| authorized to enter into an assessment contract on behalf of the governmental unit;
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(3) (blank);
(4) an application process and eligibility
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| requirements for financing or refinancing energy projects under the program;
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(5) a method for determining interest rates on
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| amounts financed or refinanced under assessment contracts, repayment periods, and the maximum amount of an assessment, if any;
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(6) an explanation of the process for billing and
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(7) a plan to finance the program pursuant to the
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| issuance of PACE bonds under or in accordance with Section 35;
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(8) information regarding all of the following, to
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| the extent known, or procedures to determine the following in the future:
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(A) any revenue source or reserve fund or funds
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| to be used as security for PACE bonds described in paragraph (7); and
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(B) any application, administration, or other
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| 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;
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(9) a requirement that the term of an assessment not
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| 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;
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(10) a requirement for an appropriate ratio of the
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| amount of the assessment to the greater of any of the following:
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(A) the value of the property as determined by
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| the office of the county assessor; or
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(B) the value of the property as determined by an
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| appraisal conducted by a licensed appraiser;
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(11) a requirement that the record owner of property
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| subject to a mortgage obtain written consent from the mortgage holder before participating in the program;
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(12) provisions for marketing and participant
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(13) (blank); and
(14) quality assurance and antifraud measures.
(Source: P.A. 101-169, eff. 7-29-19; 102-558, eff. 8-20-21.)
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