§ 20-14. Disclosure requirements for Florida's Property Assessed Clean Energy program ("PACE").

(a)

Definitions. For purposes of this Section, the following words and phrases shall have the following meanings:

(1)

Financing Agreement shall mean the financing agreement or the summary memorandum of such agreement required to be recorded in the public records pursuant to the PACE Statute.

(2)

PACE assessment shall mean the non-ad valorem assessment placed on a property owner's tax bill as a result of financing obtained under the PACE Statute.

(3)

PACE local government shall mean a local government (as defined in the PACE Statute) that has taken all required actions to fund PACE improvements, and any person or entity acting on that local government's behalf.

(4)

PACE Statute shall mean Section 163.08, Florida Statutes, which establishes Florida's PACE program.

(b)

In addition to any disclosure requirements in the PACE Statute, PACE local governments that extend financing pursuant to the PACE Statute and levy a non-ad valorem assessment to fund the PACE improvements shall present to the property owner a separate, written notice disclosing the following ("Notice"):

(1)

The full legal description of the property subject to the PACE assessment;

(2)

The total amount of the debt, including interest;

(3)

The maximum annual PACE assessment;

(4)

That the PACE assessment will appear on the property owner's tax bill;

(5)

That there is no discount for paying the PACE assessment early;

(6)

That the PACE assessment will be collected in the same manner as real estate taxes, that failure to pay the PACE assessment may cause a tax certificate to be issued against the property, and that failure to pay may result in the loss of property subject to the PACE assessment, including homestead property, in the same manner as failure to pay property taxes; and

(7)

That the property improvements and PACE assessment may or may not affect the overall value of the property.

(c)

The Notice must be delivered to the property owner by the PACE local government, and must be signed and dated by the property owner prior to or contemporaneously with the property owner's signing of any legally enforceable documents obligating the property owner to participate in the PACE program or to repay financing obtained pursuant to a financing agreement or the PACE Statute.

(d)

The PACE local government shall record, or cause to be recorded, the signed Notice in the public records as an attachment to the Financing Agreement, which must also be recorded pursuant to the PACE Statute.

(Ord. No. 2015-44 , § 1, 10-27-15)