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. ) 26061.
To qualify for assistance pursuant to this chapter, the PACE program shall require all of the following:
(a) The interest rate on the PACE bond does not exceed a percentage as determined by the authority to be appropriate.
(b) Minimum legal financing structure and credit underwriting criteria as determined by the authority are met.
(c) Proceeds of the PACE bonds are used to finance qualified energy and water efficiency, electric vehicle charging infrastructure, and clean energy improvements.
(d) The improvement financed is for a residential project of
three units or fewer, or a commercial project that costs less than twenty-five thousand dollars ($25,000) in total.
(Amended by Stats. 2014, Ch. 614, Sec. 5. (AB 2597) Effective January 1, 2015.)