Title 8 — Environmental Law

This chapter shall be known and may be cited as the “Property Assessed Capital Expenditure Act”.

(1) As used in this chapter:(1) “Bond” means a revenue bond or note issued under this chapter;(2) “Capital provider” means an entity or entities, including without limitation a designee, a successor, or an assignee of the entity or entities, that is authorized to finance or refin…

(1) The General Assembly finds that:(1) It is in the best interest of the state to authorize districts or capital providers that make available to citizens one (1) or more financing programs, including without limitation a PACE program, to fund qualifying improvements to eligible…

(a) The powers and duties of a district or governmental entity conferred by this chapter are public and governmental functions exercised for a public purpose and for matters of public necessity. (b) The district or governmental entity and its personnel are immune from suit in tor…

(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 entities may create a district by each governmental entity:(1) Adopting an ordinance that provides for the governmental…

(a) To become a member of an existing district, the governing body of a governmental entity shall:(1) Adopt an ordinance that provides for the participation of the governmental entity in the district; and(2) Enter into an agreement with the other participating members of the dist…

(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 control each district, including without limitation the operations, business, and affairs of the district. (c) The board of directors sh…

(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 a statewide district, the members specified in the agreement establishing the district;(2) For a district composed of a combination of one (1) …

(a) A director who is a public official may serve on the board of directors of a district during his or her term of office as the county judge or mayor of a member of the district. (b) A director who is the designated representative of the mayor or county judge of the city or cou…

(a) The board of directors of a district shall hold quarterly meetings and special meetings, as needed, in a courthouse or other location within the district. (b) The time and place of the quarterly meetings shall be on file in the office of the district board of directors.

(a) The board of directors of a district may:(1) Issue revenue bonds on behalf of the district;(2) Make and adopt all necessary bylaws for its organization and operation;(3) Elect officers and employ personnel necessary for its operation;(4) Operate, maintain, expand, and fund a …

(a) (1) (A) By March 1 of each year or upon the creation of a district that uses or intends to use the county collector for collection of district assessments, the board of directors of a district shall file an annual report with the county clerk in any county in which a portion …

(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) (…

(a) A governing body of a governmental entity may:(1) By ordinance establish a PACE program within a designated area to make available property assessed capital expenditure financing or refinancing for qualifying improvements to the owner or owners of the eligible property from c…

(a) (1) A PACE program special assessment payment shall be collected in a manner specified in the financing agreement.(2) Assessments privately collected by a third-party program administrator under § 8-15-114(c)(3) may be collected at times specified by the financing agreement.(…

(1) The governmental entity or the board of directors of a district, together with any third-party administrator it may select, shall determine the guidelines of the PACE program, as outlined in the program guidebook, including without limitation:(1) A statement outlining what co…

The credit and taxing power of the State of Arkansas and cities and counties of this state shall not be pledged for the debt evidenced by the PACE program liens or bonds, which are payable solely from the revenues received from the special assessments on the eligible property rec…

(a) A district may:(1) Issue bonds to provide the PACE program financing authorized by this chapter or obtain any other financing obligation authorized by this chapter, the laws of the State of Arkansas, or the Arkansas Constitution; and(2) Create a debt reserve fund of legally a…

The bonds may be sold in such a manner, either at public or private sale, and upon such terms as the board of directors of a district shall determine to be reasonable and expedient for effectuating the purposes of this chapter.

(a) A district or a nonprofit corporation acting in concert with a district may maintain a revolving fund to be held in trust by a banking institution chosen by the board of directors of the district or the board of directors of a nonprofit corporation acting in concert with a di…

(1) Before the execution of a PACE program assessment contract, the owner of eligible property shall obtain and furnish to the governmental entity or program administrator a written statement executed and acknowledged by an authorized officer of each holder of a mortgage or deed …