SB 411

Bill Subjects

Energy Environment Generally Local Government Property

Abstract

Authorizes counties, cities, and towns (local units) to adopt a commercial property assessed clean energy program (PACE program) as a financing mechanism to allow commercial property owners to obtain financing for energy efficient improvements, with the repayment of the financing obligation for those improvements made from a voluntary tax assessment (special assessment) on the property. Defines an "energy efficient improvement". Requires a property owner to petition a local unit that has adopted a PACE program to impose a special assessment on the property, the proceeds of which would be transferred to the financing provider for the purchase and installation of the energy efficient improvement. Requires all owners of record of a property to sign the petition. Requires the petition to contain the written consent of each mortgage lien holder on the property stating that the lien holder does not object to the imposition of the assessment. Requires certain provisions to be included in an assessment contract. Specifies the procedures for imposing the special assessment and the priority of any tax lien. Prohibits the local unit from issuing bonds secured by tax revenue from any special assessment and further specifies that a local unit shall have no financial obligation or liability for the payment of tax revenue from a special assessment, other than to transfer the proceeds to the financing provider for the improvements.