The authority shall review the applicantâs PACE bond issuance, including, but not limited to, indenture, trust agreement, and fiscal agent agreement (âthe bond documentsâ) and, when the authority is satisfied that the bond documents are consistent with the requirements of the PACE Reserve program established pursuant to this chapter, the authority shall advance to the applicant or the applicantâs bond trustee, at the closing of the applicantâs PACE bonds, the amount made available from the Renewable Resource Trust Fund and approved by the authority for use in the PACE bondâs reserve fund under the bond documents. Prior to the disbursement of moneys pursuant to this section into a reserve fund, the authority shall enter into an agreement with the applicant regarding the creation and operation of the reserve fund, including the manner in which the authority will be repaid for any moneys disbursed to the reserve fund.
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