Section 26060 - Duty to develop and administer program; PACE risk mitigation program(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.Ca. Pub. Res. Code § 26060
Amended by Stats 2014 ch 614 (AB 2597),s 4, eff. 1/1/2015.Amended by Stats 2013 ch 356 (SB 96),s 27, eff. 9/26/2013.Added by Stats 2012 ch 677 (SB 1128),s 33, eff. 1/1/2013.