[Ord. of 7-12-2010]
This chapter shall be known and may be cited as "City of Old
Town Property Assessed Clean Energy (PACE) Ordinance."
[Ord. of 7-12-2010]
Except as specifically defined below, words and phrases used
in this chapter shall have their customary meanings; as used in this
chapter, the following words and phrases shall have the meanings indicated:
ENERGY-SAVING IMPROVEMENT
An improvement to qualifying property that is new and permanently
affixed to qualifying property and that:
(a)
Will result in increased energy efficiency and substantially
reduced energy use and:
(1)
Meets or exceeds applicable United States Environmental Protection
Agency and United States Department of Energy ENERGY STAR® Program or similar energy-efficiency standards
established or approved by the Trust; or
(2)
Involves air-sealing, insulating, and other energy-efficiency
improvements of residential, commercial or industrial property in
a manner approved by the Trust; or
(b)
Involves a renewable energy installation or an electric thermal
storage system that meets or exceeds standards established or approved
by the Trust.
PACE AGREEMENT
An agreement entered into by an owner or owners of a qualifying
property and the Trust, or an agent authorized by the Trust, that
authorizes a PACE loan and the creation of a PACE mortgage on qualifying
property and that is approved in writing by all owners of the qualifying
property at the time of the agreement, other than mortgage holders.
PACE ASSESSMENT
An assessment made against qualifying property to repay a
PACE loan.
PACE DISTRICT
The district in which the PACE Program may operate and which
is defined geographically to include the entire municipality as determined
by municipal boundary lines.
PACE LOAN
A loan made to the owner(s) of a qualified property for an
energy-saving improvement.
PACE MORTGAGE
A mortgage securing a loan made pursuant to a PACE Program
to fund energy-saving improvements on qualifying property.
PACE PROGRAM
A program established under state statute by the Trust and
a municipality under which property owners can finance energy savings
improvements on qualifying property.
RENEWABLE-ENERGY INSTALLATION
A fixture, product, system, device or interacting group of
devices installed behind the meter at a qualifying property, or on
contiguous property under common ownership, that produces energy or
heat from renewable sources, including, but not limited to, photovoltaic
systems, solar thermal systems, biomass systems, landfill-gas-to-energy
systems, geothermal systems, wind systems, wood-pellet systems and
any other systems eligible for funding under federal qualified energy
conservation bonds or federal clean renewable energy bonds.
TRUST
The Efficiency Maine Trust established in 35-A M.R.S.A. § 10103.