Public Resources Code - PRC
DIVISION 16. CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY ACT [26000 - 26082]
( Heading of Division 16 amended by Stats. 1994, Ch. 1218, Sec. 2. ) CHAPTER 4. Property Assessed Clean Energy (PACE) and Clean Energy Financing Program [26050 - 26082]
( Chapter 4 added by Stats. 2012, Ch. 677, Sec. 33. ) ARTICLE 2. PACE Reserve Program [26060 - 26064]
( Article 2 added by Stats. 2012, Ch. 677, Sec. 33. ) 26060.
(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond.
(b) The authority shall develop and administer a PACE risk mitigation program for PACE financing to increase its acceptance in the marketplace and protect against the risk of default and foreclosure.
(Amended by Stats. 2014, Ch. 614, Sec. 4. (AB 2597) Effective January 1, 2015.)