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50 ILCS 50/20

    (50 ILCS 50/20)
    Sec. 20. Program report. The report on the proposed program required under Section 15 shall include all of the following:
        (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;
        (2) identification of one or more officials
authorized to enter into an assessment contract on behalf of the governmental unit;
        (3) (blank);
        (4) an application process and eligibility
requirements for financing or refinancing energy projects under the program;
        (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;
        (6) an explanation of the process for billing and
collecting assessments;
        (7) a plan to finance the program pursuant to the
issuance of PACE bonds under or in accordance with Section 35;
        (8) information regarding all of the following, to
the extent known, or procedures to determine the following in the future:
            (A) any revenue source or reserve fund or funds
to be used as security for PACE bonds described in paragraph (7); and
            (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;
        (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;
        (10) a requirement for an appropriate ratio of the
amount of the assessment to the greater of any of the following:
            (A) the value of the property as determined by
the office of the county assessor; or
            (B) the value of the property as determined by an
appraisal conducted by a licensed appraiser;
        (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;
        (12) provisions for marketing and participant
        (13) (blank); and
        (14) quality assurance and antifraud measures.
(Source: P.A. 101-169, eff. 7-29-19; 102-558, eff. 8-20-21.)