(a) A property assessed energy improvement district may:(1) Issue bonds to provide the PACE program loans authorized by this chapter; and(2) Create a debt reserve fund of legally available moneys from nonstate sources as partial security for the bonds.(b) Bonds issued under this chapter and income from the bonds, including any profit made on the sale or transfer of the bonds, are exempt from taxation in this state.(c) Bonds issued under this chapter shall:(1)(A) Be authorized by a resolution of the board of directors of a district.(B) The authorizing bond resolution may contain any terms, covenants, and conditions that the board deems to be reasonable and desirable; and(2) Have all of the qualities of and shall be deemed to be negotiable instruments under the laws of the State of Arkansas.Amended by Act 2015, No. 1162,§ 8, eff. 7/22/2015.Added by Act 2013, No. 1074,§ 1, eff. 8/16/2013.