Amend the bill, as and if amended, page 2, by striking lines 32-37 and inserting:
/ (5) 'District' means a clean energy financing district formed pursuant to this chapter by a governing body that lies within the governing body's jurisdictional boundaries. A district may be comprised of noncontiguous parcels of land. A governing body may create more than one district under this program and districts may be separate, overlapping, or coterminous. /
Amend the bill further, as and if amended, page 3, by striking lines 3-6 and inserting:
/ (7) 'Governing body' means, as appropriate, the county council or councils with authority over the geographic area in which the district lies and acting pursuant to the provisions of this chapter. /
Amend the bill further, as and if amended, page 3, by striking lines 12-16 and inserting:
/ (9) 'Program' or 'C-PACE program' means a program established by a governing body to administer commercial-property assessed clean energy financing within a district. Such program may be administered by the governing body or by a third party for such program administration services. /
Amend the bill further, as and if amended, page 3, by striking lines 37-39 and inserting:
/ to an electrical utility after January 1, 2016. A renewable energy facility also shall mean any incremental capacity installed after January 1, 2016, that delivers energy from a renewable energy /
Amend the bill further, as and if amended, page 4, by striking lines 12-16 and inserting:
/ (C) A governing body shall define the scope or limitation of projects to be considered in an ordinance. /
Amend the bill further, as and if amended, page 6, by striking lines 3-13 and inserting:
/ (C) At least thirty days before the execution of a written agreement between a district and a property owner, the owner shall provide notice of the owner's application to participate in a C-PACE program to each mortgage lender holding a lien on the owner's property.
(D) The property owner subject to a mortgage must obtain consent from each existing mortgage holder before execution of an agreement to participate in the C-PACE program. If a mortgage holder has established a payment schedule to accrue property taxes throughout the year, a repayment of the principal and interest under this program on the same schedule may be established. /
Amend the bill further, as and if amended, page 6, by striking lines 34-43, and page 7, by striking lines 1-7 and inserting:
/ Section 6-39-70. (A) Subject to the consent of each existing mortgagee, obtained before execution of an agreement to participate in a C-PACE program, the assessment levied pursuant to Section 6-39-60, including any interest, fees, and penalties, shall constitute a C-PACE lien against the qualifying real property. The C-PACE lien related to delinquent assessments shall have priority over any mortgage, provided the C-PACE lien is perfected by filing in the office of the register of deeds of the county where the qualifying real property is located as prescribed in (B) of this section.
(B) A mortgagee form of consent for each existing mortgagee must be filed with and as an attachment to the C-PACE lien in the office of the register of deeds of the county where the qualifying real property is located. The mortgagee form of consent must include, but is not limited to, the following:
(1) the name(s) and addresses of the qualifying real property owner(s);
(2) the name and principal address(es) of the mortgagee(s);
(3) a description of the qualifying real property;
(4) the request for a mortgagee's consent by the qualifying real property owner(s); and
(5) the consent of the mortgagee(s).
(C) The C-PACE lien may be paid off early, and principal reductions are permitted. Upon payment in full, the lien must be released in the manner provided for property tax liens.
(D) The equipment included in the C-PACE lien may be removed if it becomes obsolete or damaged; provided, however, that if the equipment is removed for obsolescence or damage, the assessment for the equipment and any interest, fees, and penalties shall remain a lien against the qualifying real property until paid in full.
(E) To the extent that assessments are not paid when due, the delinquency may be enforced by the governing authority or its assignee in the same manner as property taxes on the qualifying real property.
(F) The C-PACE lien will not accelerate or become extinguished in the event of a delinquency, default, foreclosure or bankruptcy of the owner(s) of the qualifying real property.
(G) In the event that a payment on the C-PACE lien is in default for a period exceeding thirty days from the due date of such payment, the governing authority or its designated agent or assignee must send written notice of such default to each mortgagee of record.
(H) In the event that a mortgagee forecloses its mortgage on the qualifying real property, the mortgagee must serve all procedural documents of the foreclosure on the governing authority or its designated agent or assignee as though it were a party to the action.
(I) The C-PACE lien shall survive any judgment of foreclosure awarded to a mortgagee.
(J) The C-PACE lien shall be disclosed to any subsequent purchaser prior to closing. /
Amend the bill further, as and if amended, page 7, by striking lines 18-43, and page 8, by striking lines 1-14 and inserting:
/ (B) The district may sell or assign, for consideration, any and all liens received from the participating governing body. The consideration received by the district shall be negotiated between the district and the assignee. The assignee or assignees of such liens shall have and possess the same powers and rights at law or in equity as the district and the participating county and its tax collector would have had if the lien had not been assigned with regard to the precedence and priority of such lien, the accrual of interest and the fees and expenses of collection.
(C) Costs and reasonable attorney fees incurred by the assignee either as a result of a foreclosure action, or other legal proceeding brought pursuant to this section and directly related to the proceeding, shall be levied against each person having title to any property subject to the proceedings. Such costs and fees may be collected by the assignee at any time after demand for payment has been made by the assignee.
Section 6 39 90. (A) Clean energy improvements may be financed in the following manner:
(1) with revenue bonds issued by the participating governing body or any other qualified issuer of revenue bonds, provided that such revenue bonds shall be secured solely by the assessments collected from properties whose owners have voluntarily entered into assessment contracts and have undertaken clean energy improvement projects, and any other funds lawfully pledged as security.
(2) with funds provided directly by a bank or other financial institution or lender pursuant to a contract between the owner, the governing body, and such lender setting forth terms for the repayment of such funds, and remedies in the event of a delinquency or default; or
(3) with any other legally available funds.
(B) The credit and taxing power of the State will not be pledged for the debt evidenced by the bonds. The bonds will be payable solely from the revenues received from the special assessments on the owner's qualifying real property under this chapter. /
Amend the bill further, as and if amended, by striking Section 6-39-130 in its entirety.
Renumber sections to conform.
Amend title to conform.