SB448

Senate Bill 448 amends the existing Property Assessed Clean Energy (PACE) Capital Expenditure Act in Arkansas to expand the framework for financing energy efficiency, alternative energy, building resiliency, and water conservation improvements. It renames the act as the 'Property Assessed Clean Energy Capital Expenditure Act' and defines key terms, including eligible properties, which now specifically include commercial, industrial, agricultural, nonprofit, and multifamily residential buildings. The bill authorizes governmental entities to create or join 'property assessed energy improvement districts' to manage PACE financing programs. These districts are granted the power to issue revenue bonds, adopt bylaws, and contract with private capital providers to fund qualifying projects. The legislation mandates the establishment of a program guidebook and details the composition and operation of district boards. Additionally, the bill provides limited immunity for districts and governmental entities while detailing procedures for the voluntary assessment liens used to repay financing agreements.