AR SB516

Establishes the "Property Assessed Clean Energy Act" authorizing creation of energy improvement districts by single or multiple contiguous counties to provide financing for energy efficiency improvements and clean renewable energy projects on residential, commercial, industrial, and other properties.

Districts operate under a board of directors consisting of at least seven members, including county judges and mayors of first-class cities within district boundaries, with no compensation for directors but reimbursement for necessary expenses.

Authorizes districts to issue revenue bonds and establish special assessment programs allowing property owners to finance energy improvements and renewable energy projects with repayment included on real property tax bills.

Permits districts to place liens on properties equal to loan value, with lien priority determined by filing date; liens remain attached if property is sold and new owners become responsible for loan repayment.

Requires public hearing advertised for two successive weeks before enactment of loan programs; bonds and bond income are exempt from state taxation and payable solely from special assessment revenues.