Arkansas Code Title 8, Chapter 15 - Property Assessed Clean Energy Act

• § 8-15-101 - Title.
  This chapter shall be known and may be cited as the "Property Assessed Clean Energy Act".
• § 8-15-102 - Definitions.
  As used in this chapter: (1) (A) "Bond" means a revenue bond or note issued under this chapter. (B) "Bond" includes any other financial...
• § 8-15-103 - Legislative Findings.
  The General Assembly finds that: (1) It is in the best interests of the state to authorize districts that make available to citizens one...
• § 8-15-104 - Immunity.
  (a) The powers and duties of a district conferred by this chapter are public and governmental functions exercised for a public purpose and for...
• § 8-15-105 - Authority to Create.
  (a) A governmental entity legally authorized to issue general revenue bonds may create a district by adoption of an ordinance.(b) A combination of governmental...
• § 8-15-106 - Membership in an Existing District.
  (a) To become a member of an existing district, the governing body of a governmental entity shall: (1) Adopt an ordinance that provides for...
• § 8-15-107 - Board of Directors.
  (a) A district created under this chapter shall be operated and controlled by a board of directors.(b) The board of directors shall manage and...
• § 8-15-108 - Membership on the Board of Directors.
  (a) The board of directors of a district shall consist of at least seven (7) directors.(b) The board of directors shall include: (1) For...
• § 8-15-109 - Terms of Directors.
  (a) A director who is a public official may serve on the board of directors of a district during his or her term of...
• § 8-15-110 - District Boards of Directors -- Meetings.
  (a) The board of directors of a district shall hold quarterly meetings and special meetings, as needed, in a courthouse or other location within...
• § 8-15-111 - District Boards of Directors -- Powers and Duties.
  (a) The board of directors of a district may: (1) Issue revenue bonds on behalf of the district; (2) Make and adopt all necessary...
• § 8-15-112 - Reporting Requirement -- Collection of Assessments.
  (a) (1) (A) By March 1 of each year or upon the creation of a district that uses or intends to use the county...
• § 8-15-113 - Financing Projects.
  (a) A district may establish a PACE program to provide loans for the initial acquisition and installation of energy efficiency improvements, renewable energy projects,...
• § 8-15-114 - Program Guidelines.
  The board of directors of a district, together with any third-party administrator it may select, shall determine: (1) The guidelines of the PACE program,...
• § 8-15-115 - Payment by Special Assessments.
  The credit and taxing power of the State of Arkansas shall not be pledged for the debt evidenced by the bonds, which are payable...
• § 8-15-116 - Bonds.
  (a) A district may: (1) Issue bonds to provide the PACE program loans authorized by this chapter; and (2) Create a debt reserve fund...
• § 8-15-117 - Sale.
  The bonds may be sold in such a manner, either at public or private sale, and upon such terms as the board of directors...
• § 8-15-118 - Revolving Fund.
  (a) A district may maintain a revolving fund to be held in trust by a banking institution chosen by the board of directors of...
• § 8-15-119 - Notice to Mortgage Lender.
  At least thirty (30) days before the execution of an agreement with a district, an owner shall provide written notice to each mortgage lender...

Last modified: November 15, 2016