The proposed bill, SB448, seeks to revamp Arkansas's Property Assessed Clean Energy (PACE) program by renaming it the Property Assessed Capital Expenditure Act and broadening its scope to include financing for energy efficiency improvements, alternative energy projects, building resiliency enhancements, and water conservation efforts. It introduces new definitions such as "capital provider," "eligible property," and "qualifying improvement," while modifying existing terms to reflect the focus on capital expenditures. Key provisions include the establishment of capital expenditure improvement districts governed by a board of directors, which will have the authority to issue revenue bonds and manage financing agreements. The bill also mandates annual reporting for these districts to ensure transparency and accountability.

Furthermore, the bill allows governmental entities to create direct PACE financing programs, imposing special assessments for financing qualifying improvements. It requires that special assessment payments collected by counties be promptly remitted to capital providers and establishes a special assessment lien that takes priority over other claims, except for general property tax liens. The bill outlines procedures for foreclosure in cases of default and clarifies that the state's credit and taxing power will not be pledged for debts associated with PACE program liens. Additionally, it includes guidelines for contractor qualifications, consumer protections, and documentation necessary for participation in the program, ultimately aiming to streamline financing for energy efficiency and renewable energy projects.

Statutes affected:
Old version SB448 V2 - 3-31-2025 03:34 PM: 8-15-101, 8-15-105, 8-15-102, 03-31-2025, 8-15-103, 8-15-104, 8-15-106, 8-15-108, 8-15-109, 8-15-107(a), 8-15-113, 8-15-110, 8-15-111, 8-15-112
Old version SB448 Original - 3-12-2025 04:35 PM: 8-15-101, 8-15-105, 8-15-102, 8-15-103, 8-15-104, 8-15-106, 8-15-106(a), 8-15-107(a), 8-15-108, 8-15-113, 8-15-109, 8-15-110, 8-15-111, 8-15-112
SB 448: 8-15-101, 8-15-105, 8-15-102, 8-15-103, 8-15-104, 8-15-106, 8-15-106(a), 8-15-107(a), 8-15-108, 8-15-113, 8-15-109, 8-15-110, 8-15-111, 8-15-112
Act 579: 8-15-101, 8-15-105, 8-15-102, 03-31-2025, 8-15-103, 8-15-104, 8-15-106, 8-15-108, 8-15-109, 8-15-107(a), 8-15-113, 8-15-110, 8-15-111, 8-15-112