§ 8-15-103 — Legislative findings

The General Assembly finds that: (1) It is in the best interests of the state to authorize property assessed energy improvement districts that make available to citizens one (1) or more financing programs, including without limitation a PACE program, to fund energy efficiency improvements, renewable energy projects, and water conservation improvements on residential, commercial, industrial, and other real properties at the request of the owner; (2) The programs described in subdivision (1) of this section will benefit the citizens of this state by: (A) Decreasing the cost of providing funds to participating citizens and lowering the aggregate issuance and servicing costs of loans; and (B) Making funds available to rural communities throughout the state that might not otherwise create and finance the programs described in subdivision (1) of this section; and (3) The programs described in subdivision (1) of this section will further the public purpose of: (A) Creating jobs and stimulating the state's economy; (B) Generating significant economic development through the investment of the proceeds of loans in local communities, including increased sales tax revenue; (C) Protecting participating citizens from the financial impact of the rising cost of electricity produced from nonrenewable fuels; (D) Providing positive cash flow in which the costs of the improvements are lower than the energy savings on an average monthly basis; (E) Providing the citizens of this state with informed choices and additional options for financing improvements that may not otherwise be available; (F) Increasing the value of the improved real property for participating citizens; (G) Improving the state's air quality and conserving natural resources, including water; (H) Attracting manufacturing facilities and related jobs to the state; and (I) Promoting energy independence and security for the state and the nation.

Legislative History

Added by Act 2013, No. 1074,§ 1, eff. 8/16/2013.