HB2026 Summary

• Amends Arkansas Code §§ 8-15-102 and 8-15-103 to revise definitions and legislative findings related to Property Assessed Clean Energy (PACE) programs, including new definitions for "assessment," "financial obligation," "lending entity," "PACE improvement," and "PACE project"

• Requires public hearings advertised for two consecutive weeks in newspapers before enacting ordinances to establish PACE programs or districts, allowing interested persons to object or inquire about proposed programs

• Modifies district board powers to include authority to create and operate PACE programs, enter into assessment contracts, record assessment contracts as liens, and negotiate collection fees with private entities below statutory commission rates

• Expands definitions and terminology throughout the act to replace "loans" with "financial obligations" and "bonds" with broader "financial obligations" to include notes, certificates of participation, and other evidence of indebtedness

• Revises reporting requirements for districts to file annual reports by March 1 containing information about assessment contracts, indebtedness, board members, meeting schedules, and financial statements