Thomas v. Clean Energy Coastal Corridor

Clean Energy Coastal Corridor, whose purpose is to finance through the issuance of bonds certain qualifying improvements to real property as authorized by the Property Assessed Clean Energy (PACE) Act, adopted a bond resolution authorizing the issuance of revenue bonds in an amount not to exceed $500,000,000 for the purpose of financing qualifying improvements. Clean Energy filed a complaint to validate those bonds. The only argument relevant to this appeal regarding Clean Energy’s authority to issue the bonds was that the bonds could not be validated because the financing agreement to be signed by Clean Energy and property owners participating in the PACE Program purported to authorize a remedy for the collection of unpaid assessments that was not authorized by Florida law. After a show-cause hearing, the circuit court validated the proposed bond issue. The Supreme Court affirmed the circuit court’s final judgment validating the bonds but remanded for the circuit court to require Clean Energy to amend the financing agreement, as the financing agreement’s references to judicial foreclosure were inconsistent with its requirement that the collection of non-ad valorem assessments must be accomplished pursuant to Fla. Stat. 197’s uniform method. View "Thomas v. Clean Energy Coastal Corridor" on Justia Law