{"code":"PRC","codeName":"Public Resources Code","section":"26060","citation":"Pub. Resources Code, § 26060","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 16. CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY ACT [26000. - 26082.]","url":"https://blackletter.si/public-resources-code/division-16"},{"name":"CHAPTER 4. Property Assessed Clean Energy (PACE) and Clean Energy Financing Program [26050. - 26082.]","url":"https://blackletter.si/public-resources-code/division-16/chapter-4"},{"name":"ARTICLE 2. PACE Reserve Program [26060. - 26064.]","url":"https://blackletter.si/public-resources-code/division-16/chapter-4/article-2"}],"history":"Amended by Stats. 2014, Ch. 614, Sec. 4.   (AB 2597)   Effective January 1, 2015.","effective":"2015-01-01","html":"<p>(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond.</p><p>(b) The authority shall develop and administer a PACE risk mitigation program for PACE financing to increase its acceptance in the marketplace and protect against the risk of default and foreclosure.</p>","text":"(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond. (b) The authority shall develop and administer a PACE risk mitigation program for PACE financing to increase its acceptance in the marketplace and protect against the risk of default and foreclosure.","otherVersions":[],"url":"https://blackletter.si/public-resources-code/pace-reserve-program-26060","source":"California Legislative Information bulk export (pubinfo)"}