{"data":{"id":"us-il/50-ilcs-50-20","jurisdiction":"us-il","citation":"50 ILCS 50/20","heading":"Program report.","body":"The report on the proposed program required under Section 15 shall include all of the following:\n(1) a form of assessment contract between the governmental unit and record owner governing the terms and conditions of financing and assessment under the program;\n(2) identification of one or more officials authorized to enter into an assessment contract on behalf of the governmental unit;\n(3) (blank);\n(4) an application process and eligibility requirements for financing or refinancing energy projects under the program;\n(5) a method for determining interest rates on amounts financed or refinanced under assessment contracts, repayment periods, and the maximum amount of an assessment, if any;\n(6) an explanation of the process for billing and collecting assessments;\n(7) a plan to finance the program pursuant to the issuance of PACE bonds under or in accordance with Section 35;\n(8) information regarding all of the following, to the extent known, or procedures to determine the following in the future:\n(A) any revenue source or reserve fund or funds to be used as security for PACE bonds described in paragraph (7); and\n(B) any application, administration, or other program fees to be charged to record owners participating in the program that will be used to finance and reimburse all or a portion of costs incurred by the governmental unit as a result of its program;\n(9) a requirement that the term of an assessment not exceed the useful life of the energy project financed or refinanced under an assessment contract; provided that an assessment contract financing or refinancing multiple energy projects with varying lengths of useful life may have a term that is calculated in accordance with the principles established by the program report;\n(10) a requirement for an appropriate ratio of the amount of the assessment to the greater of any of the following:\n(A) the value of the property as determined by the office of the county assessor; or\n(B) the value of the property as determined by an appraisal conducted by a licensed appraiser;\n(11) a requirement that the record owner of property subject to a mortgage obtain written consent from the mortgage holder before participating in the program;\n(12) provisions for marketing and participant education;\n(13) (blank); and\n(14) quality assurance and antifraud measures.","path":["CHAPTER 50 LOCAL GOVERNMENT","Property Assessed Clean Energy Act"],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=3797\u0026ChapterID=11\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:21Z","sha256":"ee8dd00d731a885c8b4cbf161f8c016b7ab720c730cfd408ed86000d973c669c","source_id":"us-il","stale":false,"prev":"us-il/50-ilcs-50-15","next":"us-il/50-ilcs-50-25"},"notice":"GroundRules: Original legal text. Not legal advice."}