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AN ORDINANCE CREATING A PROPERTY ASSESSED CLEAN ENERGY IMPROVEMENT DISTRICT COEXTENSIVE WITH THE CITY OF JONESBORO TO FACILITATE A PACE PROGRAM AND ADOPTING CERTAIN PROVISIONS RELATED THERETO
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WHEREAS, pursuant to the authority granted by Arkansas Code Annotated Sections 8-15-101 et seq. (as supplemented and amended, the “PACE Act”), the City of Jonesboro, Arkansas (the “City”) may create a Property Assessed Energy Improvement District, either solely or in combination with one or more other governmental entities; and
WHEREAS, such a district, once created, has independent legal and financial authority, including the authority to issue bonds; and
WHEREAS, such districts were authorized to permit the creation and implementation of, among other things, a property assessed clean energy (PACE) program under which a real property owner may finance an energy efficiency improvement, a renewable energy project, or a water conservation improvement for their property on a voluntary basis, with loan repayment tied to collection of real property taxes,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS:
Section 1. That the City Council of the City of Jonesboro, Arkansas hereby enacts Chapter 2, Article VI, Division 11 ENERGY IMPROVEMENT DISTRICT to the Code of Jonesboro, which shall read as follows:
CHAPTER 2, ARTICLE VI, DIVISION 11 ENERGY IMPROVEMENT DISTRICT
Section 2-573 Establishment and Purpose: There is hereby created the Jonesboro Energy Improvement District (the “District”) which territorial jurisdiction shall be coextensive with and mirror the municipal boundaries of the City, provided that, such boundaries may be hereafter extended through participation by other governmental entities in a manner consistent with the PACE Act. The District shall exercise such authority and power as granted by the PACE ACT within the boundaries of the District.
Section 2-574 Board of Directors, Membership, Terms of Offi...
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