50 ILCS 50/20

Current through Public Act 103-1052

Section 50 ILCS 50/20 - 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;

(2) identification of one or more officials authorized to enter into an assessment contract on behalf of the governmental unit;

(3) (blank);

(4) an application process and eligibility requirements for financing or refinancing energy projects under the program;

(5) a method for determining interest rates on amounts financed or refinanced under assessment contracts, repayment periods, and the maximum amount of an assessment, if any;

(6) an explanation of the process for billing and collecting assessments;

(7) a plan to finance the program pursuant to the issuance of PACE bonds under or in accordance with Section 35;

(8) information regarding all of the following, to the extent known, or procedures to determine the following in the future:

(A) any revenue source or reserve fund or funds to be used as security for PACE bonds described in paragraph (7); and

(B) any application, administration, or other 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;

(9) a requirement that the term of an assessment not 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;

(10) a requirement for an appropriate ratio of the amount of the assessment to the greater of any of the following:

(A) the value of the property as determined by the office of the county assessor; or

(B) the value of the property as determined by an appraisal conducted by a licensed appraiser;

(11) a requirement that the record owner of property subject to a mortgage obtain written consent from the mortgage holder before participating in the program;

(12) provisions for marketing and participant education;

(13) (blank); and

(14) quality assurance and antifraud measures.

50 ILCS 50/20

Amended by P.A. 102-0558,§ 265, eff. 8/20/2021.

Amended by P.A. 101-0169,§ 5, eff. 7/29/2019.

Amended by P.A. 100-0980,§ 5, eff. 1/1/2019.

Added by P.A. 100-0077,§ 20, eff. 8/11/2017.