Illinois § 20

§ 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. (Source: P.A. 101-169, eff. 7-29-19; 102-558, eff. 8-20-21.)