(a) The board of directors of a district may establish a PACE program to facilitate financing for the initial acquisition and installation or permanent financing of a qualifying improvement with a consenting owner or owners of existing eligible property or new construction.
(b) (1) The board of directors of the district may authorize by resolution the issuance of bonds or the execution of a contract with a governmental entity or a private entity to provide the financing under subsection (a) of this section.(2) The resolution shall include without limitation the following:(A) The type of qualifying improvement for which the financing may be offered;(B) The proposed arrangement for the financing program, including without limitation:(i) A statement concerning the source of funding that will be used to pay for qualifying improvements under the financing agreement;(ii) The interest rate and time period during which a consenting eligible property owner or owners would repay the financing; and(iii) The method of apportioning all or any portion of the costs incidental to the financing, administration, and collection of the arrangement among the consenting eligible property owner or owners and the governmental entity;(C) A minimum and maximum aggregate dollar amount that may be financed per property;(D) (i) A method for prioritizing requests from real property owners for financing if the requests appear likely to exceed the authorization amount of the financing program.(ii) Priority shall be given to those requests from real property owners that meet the eligibility requirements on a first-come, first-served basis;(E) Identification of a local official authorized to enter into financing contracts on behalf of the district; and(F) A draft contract specifying the terms and conditions proposed by the board of directors of the district.
(1) The board of directors of the district may authorize by resolution the issuance of bonds or the execution of a contract with a governmental entity or a private entity to provide the financing under subsection (a) of this section.
(2) The resolution shall include without limitation the following:(A) The type of qualifying improvement for which the financing may be offered;(B) The proposed arrangement for the financing program, including without limitation:(i) A statement concerning the source of funding that will be used to pay for qualifying improvements under the financing agreement;(ii) The interest rate and time period during which a consenting eligible property owner or owners would repay the financing; and(iii) The method of apportioning all or any portion of the costs incidental to the financing, administration, and collection of the arrangement among the consenting eligible property owner or owners and the governmental entity;(C) A minimum and maximum aggregate dollar amount that may be financed per property;(D) (i) A method for prioritizing requests from real property owners for financing if the requests appear likely to exceed the authorization amount of the financing program.(ii) Priority shall be given to those requests from real property owners that meet the eligibility requirements on a first-come, first-served basis;(E) Identification of a local official authorized to enter into financing contracts on behalf of the district; and(F) A draft contract specifying the terms and conditions proposed by the board of directors of the district.
(A) The type of qualifying improvement for which the financing may be offered;
(B) The proposed arrangement for the financing program, including without limitation:(i) A statement concerning the source of funding that will be used to pay for qualifying improvements under the financing agreement;(ii) The interest rate and time period during which a consenting eligible property owner or owners would repay the financing; and(iii) The method of apportioning all or any portion of the costs incidental to the financing, administration, and collection of the arrangement among the consenting eligible property owner or owners and the governmental entity;
(i) A statement concerning the source of funding that will be used to pay for qualifying improvements under the financing agreement;
(ii) The interest rate and time period during which a consenting eligible property owner or owners would repay the financing; and
(iii) The method of apportioning all or any portion of the costs incidental to the financing, administration, and collection of the arrangement among the consenting eligible property owner or owners and the governmental entity;
(C) A minimum and maximum aggregate dollar amount that may be financed per property;
(D) (i) A method for prioritizing requests from real property owners for financing if the requests appear likely to exceed the authorization amount of the financing program.(ii) Priority shall be given to those requests from real property owners that meet the eligibility requirements on a first-come, first-served basis;
(i) A method for prioritizing requests from real property owners for financing if the requests appear likely to exceed the authorization amount of the financing program.
(ii) Priority shall be given to those requests from real property owners that meet the eligibility requirements on a first-come, first-served basis;
(E) Identification of a local official authorized to enter into financing contracts on behalf of the district; and
(F) A draft contract specifying the terms and conditions proposed by the board of directors of the district.
(c) The district shall offer private lending institutions the opportunity to participate in local loan programs established under this section.