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Current as of March 28, 2024 | Updated by Findlaw Staff
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.
Cite this article: FindLaw.com - Arkansas Code Title 8. Environmental Law § 8-15-103. Legislative findings - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-8-environmental-law/ar-code-sect-8-15-103/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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