Statute · California Public Resources Code
Cal. Pub. Res. Code § 26060 — PACE Reserve Program
Cal. Pub. Res. Code § 26060
- Type
- Statute
- Source
- California Public Resources Code
- Jurisdiction
- California
- Date
- 2015-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond.
Citator
Cal. Pub. Res. Code § 26060 — PACE Reserve Program is in force in the current edition of the Code, and nothing recorded condemns it.
(a) The authority shall develop and administer a PACE Reserve program to reduce overall costs to the property owners of PACE bonds issued by an applicant by providing a reserve of no more than 10 percent of the initial principal amount of the PACE bond.
(b) The authority shall develop and administer a PACE risk mitigation program for PACE financing to increase its acceptance in the marketplace and protect against the risk of default and foreclosure.