CHAPTER 4. Property Assessed Clean Energy (PACE) and Clean Energy Financing Program [26050. - 26082.]
Chapter 4 added by Stats. 2012, Ch. 677, Sec. 33.
§§ 26050–26082 · 20 sections
ARTICLE 1. General Provisions and Definitions §§ 26050–26056 · 8 sections
- § 26050 (a) The Legislature finds and declares all of the following: (1) Property Assessed Clean Energy (PACE) financing has been pioneered by municipalities and…
- § 26050.5 The Legislature further finds and declares both of the following: (a) Actions by federally chartered home loan entities have frustrated efforts to accelerate…
- § 26051 Unless the context otherwise requires, the definitions in this article govern the construction of this chapter.
- § 26052 “Applicant” means, for the purposes of Article 2 (commencing with Section 26060), a public agency as defined in paragraph (3) of subdivision (c) of Section…
- § 26053 “Clean Energy Upgrade Program” means a statewide energy and water efficiency and renewable energy generation building retrofit financing program developed by…
- § 26054 “Property Assessed Clean Energy bond” or “PACE bond” means a bond that is secured by any of the following: (a) A voluntary contractual assessment on property…
- § 26055 “PACE program” means a program established by an applicant that is financed by the PACE bond or a PACE assessment regardless of funding sources.
- § 26056 This chapter does not create any liability or obligation upon the State of California and none shall be incurred by the authority beyond the extent to which…
ARTICLE 2. PACE Reserve Program §§ 26060–26064 · 5 sections
- § 26060 (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…
- § 26061 To qualify for assistance pursuant to this chapter, the PACE program shall require all of the following: (a) The interest rate on the PACE bond does not exceed…
- § 26062 An applicant shall submit to the authority an application providing a detailed description of the PACE program, a detailed description of the transactional…
- § 26063 (a) In evaluating eligibility, the authority shall consider whether the applicant’s PACE program includes the following conditions: (1) Financing recipients…
- § 26064 The authority shall review the applicant’s PACE bond issuance, including, but not limited to, indenture, trust agreement, and fiscal agent agreement (“the bond…
ARTICLE 3. Clean Energy Upgrade Program §§ 26070–26074 · 5 sections
- § 26070 The authority shall administer a Clean Energy Upgrade Program to reduce overall costs to the property owners of a loan provided by an applicant to finance the…
- § 26071 (a) The authority shall adopt regulations governing the implementation of this chapter, including quality assurance pursuant to subdivision (b) of Section…
- § 26072 (a) An applicant shall submit to the authority an application providing a detailed description of the loan program to finance the installation of distributed…
- § 26073 (a) In evaluating eligibility, the authority shall consider whether the applicant’s loan program includes the following conditions: (1) Loan recipients are…
- § 26074 (a) The authority shall require certification from a loan applicant that each loan offered pursuant to the applicant’s loan program is consistent with the…
ARTICLE 4. Appropriation and Reporting §§ 26080–26082 · 2 sections
- § 26080 (a) Until January 1, 2015, an amount of up to fifty million dollars ($50,000,000) from the Renewable Resource Trust Fund, established pursuant to Section…
- § 26082 (a) Notwithstanding Section 26080, twenty-five million dollars ($25,000,000) of the unencumbered balance of the fifty million dollars ($50,000,000) that was…