Bill Text: IL SB2773 | 2017-2018 | 100th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Illinois Governmental Ethics Act. Makes a technical change in a Section concerning the short title.
Spectrum: Bipartisan Bill
Status: (Passed) 2018-08-19 - Public Act . . . . . . . . . 100-0980 [SB2773 Detail]
Download: Illinois-2017-SB2773-Engrossed.html
Bill Title: Amends the Illinois Governmental Ethics Act. Makes a technical change in a Section concerning the short title.
Spectrum: Bipartisan Bill
Status: (Passed) 2018-08-19 - Public Act . . . . . . . . . 100-0980 [SB2773 Detail]
Download: Illinois-2017-SB2773-Engrossed.html
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1 | AN ACT concerning government.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The Property Assessed Clean Energy Act is | ||||||
5 | amended by changing Sections 5, 10, 15, 20, 25, 30, and 35 as | ||||||
6 | follows:
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7 | (50 ILCS 50/5)
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8 | Sec. 5. Definitions. As used in this Act: | ||||||
9 | "Alternative energy improvement" means the installation or | ||||||
10 | upgrade of electrical wiring, outlets, or charging stations to | ||||||
11 | charge a motor vehicle that is fully or partially powered by | ||||||
12 | electricity. | ||||||
13 | "Assessment contract" means a voluntary written contract | ||||||
14 | between the local unit
of government (or a permitted assignee) | ||||||
15 | and record owner governing the terms and conditions of | ||||||
16 | financing and
assessment under a program. | ||||||
17 | "Authority" means the Illinois Finance Authority. | ||||||
18 | "PACE area" means an area within the jurisdictional | ||||||
19 | boundaries of a local unit of government created by an | ||||||
20 | ordinance or resolution of the local unit of government to | ||||||
21 | provide financing for energy projects under a property assessed | ||||||
22 | clean energy
program. A local unit of government may create | ||||||
23 | more than one PACE area under
the program, and PACE areas may |
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1 | be separate, overlapping, or coterminous. | ||||||
2 | "Energy efficiency improvement" means equipment, devices, | ||||||
3 | or materials
intended to decrease energy consumption or promote | ||||||
4 | a more efficient use of electricity, natural gas,
propane, or | ||||||
5 | other forms of energy on property, including, but not limited | ||||||
6 | to, all of the
following: | ||||||
7 | (1) insulation in walls, roofs, floors, foundations, | ||||||
8 | or heating and
cooling distribution systems; | ||||||
9 | (2) storm windows and doors, multi-glazed windows and | ||||||
10 | doors, heat-absorbing
or heat-reflective glazed and coated | ||||||
11 | window and door systems, and additional glazing, | ||||||
12 | reductions in glass area, and other window and
door system | ||||||
13 | modifications that reduce energy consumption; | ||||||
14 | (3) automated energy control systems; | ||||||
15 | (4) high efficiency heating, ventilating, or | ||||||
16 | air-conditioning and
distribution system modifications or | ||||||
17 | replacements; | ||||||
18 | (5) caulking, weather-stripping, and air sealing; | ||||||
19 | (6) replacement or modification of lighting fixtures | ||||||
20 | to reduce the
energy use of the lighting system; | ||||||
21 | (7) energy controls or recovery systems; | ||||||
22 | (8) day lighting systems; and | ||||||
23 | (8.1) any energy efficiency project, as defined in | ||||||
24 | Section 825-65 of the
Illinois Finance Authority Act; and | ||||||
25 | (9) any other installation or modification of | ||||||
26 | equipment, devices, or
materials approved as a utility |
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1 | cost-savings measure by the governing
body. | ||||||
2 | "Energy project" means the installation or modification of | ||||||
3 | an alternative energy improvement, energy
efficiency | ||||||
4 | improvement, or water use improvement, or the acquisition, | ||||||
5 | installation, or improvement of a renewable energy
system that | ||||||
6 | is affixed to a stabilized existing property ( including not new | ||||||
7 | construction). | ||||||
8 | "Governing body" means the county board or board of county | ||||||
9 | commissioners of a county, the city council of a city, or the | ||||||
10 | board of trustees of a village. | ||||||
11 | "Local unit of government" means a county, city, or | ||||||
12 | village. | ||||||
13 | "Permitted assignee" means (i) any body politic and | ||||||
14 | corporate, (ii) any bond trustee, or (iii) any warehouse | ||||||
15 | lender, or any other assignee of a local unit of government | ||||||
16 | designated in an assessment contract. | ||||||
17 | "Person" means an individual, firm, partnership, | ||||||
18 | association, corporation,
limited liability company, | ||||||
19 | unincorporated joint venture, trust, or any other type of | ||||||
20 | entity that is recognized by law and has the title to or | ||||||
21 | interest in property. "Person" does not include a local unit of | ||||||
22 | government or a homeowner's or condominium association , but | ||||||
23 | does include other governmental entities that
are not local | ||||||
24 | units of government . | ||||||
25 | "Program administrator" means a for-profit entity or | ||||||
26 | not-for profit entity that will administer a program on behalf |
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1 | of or at the discretion of the local unit of government. It or | ||||||
2 | its affiliates, consultants, or advisors shall have done | ||||||
3 | business as a program administrator or capital provider for a | ||||||
4 | minimum of 18 months and shall be responsible for arranging | ||||||
5 | capital for the acquisition of bonds issued by the local unit | ||||||
6 | of government or the Authority to finance energy projects. | ||||||
7 | "Property" means privately-owned commercial, industrial, | ||||||
8 | non-residential agricultural, or multi-family (of 5 or more | ||||||
9 | units) real property
located within the local unit of | ||||||
10 | government, but does not include property owned by a local unit | ||||||
11 | of government or a homeowner's or condominium association. | ||||||
12 | "Property assessed clean energy program" or "program" | ||||||
13 | means a
program as described in Section 10. | ||||||
14 | "Record owner" means the person who is the titleholder or | ||||||
15 | owner of the beneficial interest in property. | ||||||
16 | "Renewable energy resource" includes energy and its | ||||||
17 | associated renewable energy credit or renewable energy credits | ||||||
18 | from wind energy, solar thermal energy, photovoltaic cells and | ||||||
19 | panels, biodiesel, anaerobic digestion, and hydropower that | ||||||
20 | does not involve new construction or significant expansion of | ||||||
21 | hydropower dams. For purposes of this Act, landfill gas | ||||||
22 | produced in the State is considered a renewable energy | ||||||
23 | resource. The term "renewable energy resources" does not | ||||||
24 | include the incineration or burning of any solid material. | ||||||
25 | "Renewable energy system" means a fixture, product, | ||||||
26 | device, or
interacting group of fixtures, products, or devices |
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1 | on the customer's side of the meter that use one or more | ||||||
2 | renewable energy resources to generate electricity , and | ||||||
3 | specifically includes any renewable energy
project, as defined | ||||||
4 | in Section 825-65 of the Illinois Finance Authority Act . | ||||||
5 | "Warehouse fund" means any fund established by a local unit | ||||||
6 | of government, body politic and corporate, or warehouse lender. | ||||||
7 | "Warehouse lender" means any financial institution | ||||||
8 | participating in a PACE area that finances an energy project | ||||||
9 | from lawfully available funds in anticipation of issuing bonds | ||||||
10 | as described in Section 35. | ||||||
11 | "Water use improvement" means any fixture, product, | ||||||
12 | system, device, or interacting group thereof for or serving any | ||||||
13 | property that has the effect of conserving water resources | ||||||
14 | through improved water management or efficiency.
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15 | (Source: P.A. 100-77, eff. 8-11-17.)
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16 | (50 ILCS 50/10)
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17 | Sec. 10. Property assessed clean energy program; creation. | ||||||
18 | (a) Pursuant to the procedures provided in Section 15, a | ||||||
19 | local unit of
government may establish a property assessed | ||||||
20 | clean energy program and, from time to
time, create a PACE area | ||||||
21 | or areas under the program. | ||||||
22 | (b) Under a program, the local unit of government may enter | ||||||
23 | into an assessment
contract with the record owner of property | ||||||
24 | within a PACE area to finance or refinance one or
more energy | ||||||
25 | projects on the property. The assessment contract shall provide |
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1 | for the repayment of the cost
of an energy project through | ||||||
2 | assessments upon the property benefited. The financing or
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3 | refinancing may include any and all of the following: the cost | ||||||
4 | of materials and labor necessary for installation, permit fees,
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5 | inspection fees, application and administrative fees, bank | ||||||
6 | fees, and all other fees that may be
incurred by the record | ||||||
7 | owner pursuant to the installation and the issuance of bonds on | ||||||
8 | a specific or pro rata basis, as
determined by the local unit | ||||||
9 | of government and may also include a prepayment premium. | ||||||
10 | (b-5) A local unit of government may sell or assign, for | ||||||
11 | consideration, any and all
assessment contracts; the permitted | ||||||
12 | assignee of the assessment contract shall have and
possess the | ||||||
13 | same powers and rights at law or in equity as the applicable | ||||||
14 | local unit of government
and its tax collector would have if | ||||||
15 | the assessment contract had not been assigned with regard
to | ||||||
16 | (i) the precedence and priority of liens evidenced by the | ||||||
17 | assessment contract, (ii) the accrual of
interest, and (iii) | ||||||
18 | the fees and expenses of collection. The permitted assignee | ||||||
19 | shall have the same
rights to enforce such liens as any private | ||||||
20 | party holding a lien on real property, including, but not
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21 | limited to, foreclosure. Costs and reasonable attorney's fees | ||||||
22 | incurred by the permitted assignee
as a result of any | ||||||
23 | foreclosure action or other legal proceeding brought pursuant | ||||||
24 | to this Section and
directly related to the proceeding shall be | ||||||
25 | assessed in any such proceeding against each record owner | ||||||
26 | subject to the proceedings. Such costs and fees may be |
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1 | collected by the assignee at any
time after demand for payment | ||||||
2 | has been made by the permitted assignee. | ||||||
3 | (c) A program may be administered by one or more a program | ||||||
4 | administrators administrator or the local unit of government.
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5 | (Source: P.A. 100-77, eff. 8-11-17.)
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6 | (50 ILCS 50/15)
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7 | Sec. 15. Program established. | ||||||
8 | (a) To establish a property assessed clean energy program, | ||||||
9 | the governing body of a local unit of government shall adopt a | ||||||
10 | resolution or ordinance that includes all of the following: | ||||||
11 | (1) a finding that the financing of energy projects is | ||||||
12 | a valid
public purpose; | ||||||
13 | (2) a statement of intent to facilitate access to | ||||||
14 | capital (which may be from one or more a program | ||||||
15 | administrators) administrator to provide funds for energy | ||||||
16 | projects,
which will be repaid by assessments on the | ||||||
17 | property benefited with the agreement of the record owners; | ||||||
18 | (3) a description of the proposed arrangements for | ||||||
19 | financing
the program , which may be through one or more a | ||||||
20 | program administrators administrator ; | ||||||
21 | (4) the types of energy projects that may be financed; | ||||||
22 | (5) a description of the territory within the PACE | ||||||
23 | area; | ||||||
24 | (6) reference to a report on the proposed program as | ||||||
25 | described
in Section 20; and |
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1 | (7) the time and place for a any public hearing to be | ||||||
2 | held by the local unit of government if required for the | ||||||
3 | adoption of the proposed
program by resolution or | ||||||
4 | ordinance; | ||||||
5 | (8) matters required by Section 20 to be included in | ||||||
6 | the report; for this purpose, the resolution or ordinance | ||||||
7 | may incorporate the report or an
amended version thereof by | ||||||
8 | reference; and | ||||||
9 | (9) a description of which aspects of the program may | ||||||
10 | be
amended without a new public hearing and which aspects | ||||||
11 | may be
amended only after a new public hearing is held. | ||||||
12 | (b) A property assessed clean energy program may be amended | ||||||
13 | by
resolution or ordinance of the governing body. Adoption of | ||||||
14 | the resolution or ordinance shall be preceded by a public
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15 | hearing if required.
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16 | (Source: P.A. 100-77, eff. 8-11-17; revised 10-3-17.)
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17 | (50 ILCS 50/20)
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18 | Sec. 20. Report. The report on the proposed program | ||||||
19 | required under Section 15 shall include all of the following: | ||||||
20 | (1) a form of assessment contract between the local | ||||||
21 | unit of government and
record owner governing the terms and | ||||||
22 | conditions of financing and assessment under the
program. | ||||||
23 | (2) identification of an official authorized to enter | ||||||
24 | into an a assessment contract
on behalf of the local unit | ||||||
25 | of government; |
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1 | (3) a maximum aggregate annual dollar amount for all | ||||||
2 | financing to be
provided by the applicable program | ||||||
3 | administrator under the program; | ||||||
4 | (4) an application process and eligibility | ||||||
5 | requirements for financing energy
projects under the | ||||||
6 | program; | ||||||
7 | (5) a method for determining interest rates on | ||||||
8 | assessment installments,
repayment periods, and the | ||||||
9 | maximum amount of an assessment; | ||||||
10 | (6) an explanation of how assessments will be made and | ||||||
11 | collected; | ||||||
12 | (7) a plan to raise capital to finance improvements | ||||||
13 | under the program
pursuant to the sale of bonds, subject to | ||||||
14 | this Act or the Special Assessment Supplemental Bond and
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15 | Procedures Act, or alternatively, through the sale of
bonds | ||||||
16 | by the Authority pursuant to subsection (d) of Section | ||||||
17 | 825-65 of the Illinois Finance Authority
Act to a program | ||||||
18 | administrator ; | ||||||
19 | (8) information regarding all of the following, to the | ||||||
20 | extent known, or
procedures to determine the following in | ||||||
21 | the future: | ||||||
22 | (A) any revenue source or reserve fund or funds to | ||||||
23 | be used as security for bonds described
in paragraph | ||||||
24 | (7); and | ||||||
25 | (B) any application, administration, or other | ||||||
26 | program fees to be charged
to record owners |
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1 | participating in the program that will be used to
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2 | finance costs incurred by the local unit of government | ||||||
3 | as a result of the
program; | ||||||
4 | (9) a requirement that the term of an assessment not | ||||||
5 | exceed the useful life of
the energy project paid for by | ||||||
6 | the assessment; provided that the local unit of government | ||||||
7 | may allow projects that consist of multiple improvements | ||||||
8 | with varying lengths of useful life to have a term that is | ||||||
9 | no greater than the improvement with the longest useful | ||||||
10 | life; | ||||||
11 | (10) a requirement for an appropriate ratio of the | ||||||
12 | amount of the assessment
to the assessed value of the | ||||||
13 | property or market value of the property as determined by a | ||||||
14 | recent
appraisal no older than 12 months; | ||||||
15 | (11) a requirement that the record owner of property | ||||||
16 | subject to a mortgage
obtain written consent from the | ||||||
17 | mortgage holder before participating in the program; | ||||||
18 | (12) provisions for marketing and participant | ||||||
19 | education; | ||||||
20 | (13) provisions for an adequate debt service reserve | ||||||
21 | fund, if any; and | ||||||
22 | (14) quality assurance and antifraud measures.
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23 | (Source: P.A. 100-77, eff. 8-11-17.)
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24 | (50 ILCS 50/25)
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25 | Sec. 25. Contracts with record owners of property. |
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1 | (a) After creation of a program and PACE area, a record | ||||||
2 | owner of property within the PACE area may apply with the local | ||||||
3 | unit of government or its program administrator or | ||||||
4 | administrators for funding to finance an energy project. | ||||||
5 | (b) A local unit of government may impose an assessment | ||||||
6 | under a property
assessed clean energy program only pursuant to | ||||||
7 | the terms of a recorded assessment contract with the
record | ||||||
8 | owner of the property to be assessed. | ||||||
9 | (c) Before entering into an assessment contract with a | ||||||
10 | record owner under
a program, the local unit of government | ||||||
11 | shall verify all of the following: | ||||||
12 | (1) that the property is within the PACE area; | ||||||
13 | (2) that there are no delinquent taxes, special | ||||||
14 | assessments, or
water or sewer charges on the property; | ||||||
15 | (3) that there are no delinquent assessments on the | ||||||
16 | property under
a property assessed clean energy program; | ||||||
17 | (4) there are no involuntary liens on the property, | ||||||
18 | including, but
not limited to, construction or mechanics | ||||||
19 | liens, lis pendens or judgments against the
record owner, | ||||||
20 | environmental proceedings, or eminent domain
proceedings; | ||||||
21 | (5) that no notices of default or other evidence of | ||||||
22 | property-based
debt delinquency have been recorded and not | ||||||
23 | cured; | ||||||
24 | (6) that the record owner is current on all mortgage | ||||||
25 | debt on the
property, the record owner has not filed for | ||||||
26 | bankruptcy in the last 2 years, and the property is not an |
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1 | asset to a current bankruptcy. | ||||||
2 | (7) all work requiring a license under any applicable | ||||||
3 | law to make a
qualifying improvement shall be performed by | ||||||
4 | a registered contractor that has agreed to adhere to a set | ||||||
5 | of terms and conditions through a process established by | ||||||
6 | the local unit of government. | ||||||
7 | (8) the contractors to be used have signed a written | ||||||
8 | acknowledgement that the local unit of government will not | ||||||
9 | authorize final payment to the contractor until the local | ||||||
10 | unit of government has received written confirmation from | ||||||
11 | the record owner that the improvement was properly | ||||||
12 | installed and is operating as intended; provided, however, | ||||||
13 | that the contractor retains all legal rights and remedies | ||||||
14 | in the event there is a disagreement with the owner; | ||||||
15 | (9) that the amount of the assessment in relation to | ||||||
16 | the greater of the assessed value of the property or the | ||||||
17 | appraised value of the property, as determined by a | ||||||
18 | licensed appraiser, does not exceed 25%; and | ||||||
19 | (10) a requirement that an assessment of the existing | ||||||
20 | water or energy use and a modeling of expected monetary | ||||||
21 | savings have been conducted for any proposed project. | ||||||
22 | (d) At least 30 days before entering into an assessment | ||||||
23 | contract agreement with
the local unit of government, the | ||||||
24 | record owner shall provide to the holders or
loan servicers of | ||||||
25 | any existing mortgages encumbering or otherwise
secured by the | ||||||
26 | property a notice of the record owner's intent to enter
into an |
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1 | assessment contract with the local unit of government, together | ||||||
2 | with the maximum principal amount to be financed and the
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3 | maximum annual assessment necessary to repay that amount, along
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4 | with a request that the holders or loan servicers of any | ||||||
5 | existing
mortgages consent to the record owner subjecting the | ||||||
6 | property to the
program. A verified copy or other proof of | ||||||
7 | those notices and the written
consent of the existing mortgage | ||||||
8 | holder for the record owner to enter
into the assessment | ||||||
9 | contract and acknowledging that the existing
mortgage will be | ||||||
10 | subordinate to the financing and assessment
agreement and that | ||||||
11 | the local unit of government or its permitted assignee can | ||||||
12 | foreclose the
property if the assessment is not paid shall be | ||||||
13 | provided to the local
unit of government. | ||||||
14 | (e) A provision in any agreement between a local unit of
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15 | government and a public or private power or energy provider or | ||||||
16 | other
utility provider is not enforceable to limit or prohibit | ||||||
17 | any local unit of
government from exercising its authority | ||||||
18 | under this Section. | ||||||
19 | (f) The record owner has signed a certification that the | ||||||
20 | local unit of government has complied with the provisions of | ||||||
21 | this Section, which shall be conclusive evidence as to | ||||||
22 | compliance with these provisions, but shall not relieve any | ||||||
23 | contractor, or local unit of government, from any potential | ||||||
24 | liability. | ||||||
25 | (g) This Section is additional and supplemental to county | ||||||
26 | and
municipal home rule authority and not in derogation of such |
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1 | authority
or limitation upon such authority.
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2 | (h) The imposition of any assessment pursuant to this Act | ||||||
3 | shall be exempt from any
other statutory procedures or | ||||||
4 | requirements that condition the imposition of assessments or | ||||||
5 | other
taxes against a property, except as set forth in this | ||||||
6 | Act. | ||||||
7 | (Source: P.A. 100-77, eff. 8-11-17.)
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8 | (50 ILCS 50/30)
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9 | Sec. 30. Assessments constitute a lien; billing. | ||||||
10 | (a) An assessment imposed under a property assessed clean | ||||||
11 | energy
program pursuant to an assessment contract , including | ||||||
12 | any interest on the assessment and any penalty, shall , upon | ||||||
13 | recording of the assessment contract in the county in which the | ||||||
14 | PACE area is located, constitute a lien
against the property on | ||||||
15 | which the assessment is imposed until the assessment, including | ||||||
16 | any
interest or penalty, is paid in full. The lien of the | ||||||
17 | assessment contract shall run with the
property until the | ||||||
18 | assessment is paid in full and a satisfaction or release for | ||||||
19 | the same has been recorded with the local unit of government | ||||||
20 | and shall have the same priority and status as other property | ||||||
21 | tax and assessment liens. The
local unit of government (or any | ||||||
22 | permitted assignee) shall have all rights and remedies in the | ||||||
23 | case of default or
delinquency in the payment of an assessment | ||||||
24 | as it does with respect to delinquent property
taxes. When the | ||||||
25 | assessment, including any interest and penalty, is paid, the |
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1 | lien shall be
removed from the property. | ||||||
2 | (a-5) The assessment shall be imposed by the local unit of | ||||||
3 | government
against each lot, block, track and parcel of land | ||||||
4 | within the PACE area to be assessed in accordance with an
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5 | assessment roll setting forth: (i) a description of the method | ||||||
6 | of spreading the assessment; (ii) a
list of lots, blocks, | ||||||
7 | tracts and parcels of land in the PACE area; and (iii) the | ||||||
8 | amount assessed on
each parcel. The assessment roll shall be | ||||||
9 | filed with the county clerk of the county in which the PACE | ||||||
10 | area is
located for use in establishing the lien and collecting | ||||||
11 | the assessment. | ||||||
12 | (b) Installments of assessments due under a program may be | ||||||
13 | included in
each tax bill issued under the Property Tax Code | ||||||
14 | and may be collected at the
same time and in the same manner as | ||||||
15 | taxes collected under the Property Tax Code. Alternatively, | ||||||
16 | installments may be billed and collected as provided in a | ||||||
17 | special assessment
ordinance of general applicability adopted | ||||||
18 | by the local unit of government pursuant to State
law or local | ||||||
19 | charter. In no event will partial payment of an assessment be | ||||||
20 | allowed.
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21 | (Source: P.A. 100-77, eff. 8-11-17.)
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22 | (50 ILCS 50/35)
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23 | Sec. 35. Bonds. | ||||||
24 | (a) A local unit of government may issue bonds under this | ||||||
25 | Act or the Special Assessment Supplemental Bond and Procedures |
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| |||||||
1 | Act , or the Authority may issue bonds under subsection (d) of | ||||||
2 | Section 825-65 of the Illinois Finance Authority Act upon | ||||||
3 | assignment of the assessment contracts securing
such bonds by | ||||||
4 | the local unit of government to the Authority, in either case | ||||||
5 | to finance energy projects
under a property assessed clean | ||||||
6 | energy program. Interim financing prior to the issuance of | ||||||
7 | bonds authorized by this Section may be provided only by a | ||||||
8 | warehouse fund, except that warehouse funds established by a | ||||||
9 | warehouse lender may only hold assessment contracts for 36 | ||||||
10 | months or less. | ||||||
11 | (b) Bonds issued under subsection (a) shall not be general | ||||||
12 | obligations of the
local unit of government or the Authority , | ||||||
13 | but shall be secured by the following as provided
by the | ||||||
14 | governing body in the resolution or ordinance approving the | ||||||
15 | bonds: | ||||||
16 | (1) payments of assessments on benefited property | ||||||
17 | within the
PACE area or areas specified; and | ||||||
18 | (2) if applicable, revenue sources or reserves | ||||||
19 | established by the local unit of government or the | ||||||
20 | Authority from bond
proceeds or other lawfully available | ||||||
21 | funds. | ||||||
22 | (c) A pledge of assessments, funds, or contractual rights | ||||||
23 | made by a
governing body in connection with the issuance of | ||||||
24 | bonds by a local unit of government under
this Act constitutes | ||||||
25 | a statutory lien on the assessments, funds, or contractual | ||||||
26 | rights so pledged in
favor of the person or persons to whom the |
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1 | pledge is given, without further action by the
governing body. | ||||||
2 | The statutory lien is valid and binding against all other | ||||||
3 | persons, with or
without notice. | ||||||
4 | (d) Bonds of one series issued under this Act may be | ||||||
5 | secured on a parity with
bonds of another series issued by the | ||||||
6 | local unit of government or the Authority pursuant to the terms | ||||||
7 | of a master indenture or master resolution entered into or | ||||||
8 | adopted by the governing body of the
local unit of government | ||||||
9 | or the Authority . | ||||||
10 | (e) Bonds issued under this Act are subject to the Bond | ||||||
11 | Authorization Act and the Registered Bond Act. | ||||||
12 | (f) Bonds issued under this Act further essential public | ||||||
13 | and governmental purposes, including, but not limited to, | ||||||
14 | reduced energy costs, reduced greenhouse gas emissions,
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15 | economic stimulation and development, improved property | ||||||
16 | valuation, and increased
employment. | ||||||
17 | (g) A program administrator can assign its rights to | ||||||
18 | purchase the bonds to a third party (the "bond purchaser") . | ||||||
19 | (h) A program administrator shall retain a law firm shall | ||||||
20 | be retained to give a bond opinion in connection with any bond | ||||||
21 | issued under this Act for the benefit of the program | ||||||
22 | administrator or bond purchaser .
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23 | (i) Bonds issued by the Authority under this Act and | ||||||
24 | pursuant to subsection (d) of Section 825-65 of
the Illinois | ||||||
25 | Finance Authority Act shall not be entitled to the benefits of | ||||||
26 | Section 825-75 of the
Illinois Finance Authority Act. |
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1 | (Source: P.A. 100-77, eff. 8-11-17.)
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