Suffolk County |
Code of Ordinances |
Part II. Regulatory Local Laws |
Chapter 444. Energy Efficiency |
Article I. Sustainable Energy Loan Program |
§ 444-8. Terms and conditions of repayment.
Latest version.
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The Energize NY Finance Agreement between the qualified property owner and EIC, acting on behalf of the County, shall set forth the terms and conditions of repayment in accordance with the following:A.The principal amount of the funds paid to the qualified property owner hereunder, together with the interest thereon, shall be paid by the property owner as a charge on his/her real property tax bill and shall be levied and collected at the same time and in the same manner as County property taxes, provided that such charge shall be separately listed on the tax bill. The County shall make payment to EIC or its designee in the amount of all such separately listed charges within 30 days of the date payment is due to be made to the County.B.The term of such repayment shall be determined at the time the Energize NY Finance Agreement is executed by the property owner and EIC, provided that in no case shall the term exceed the weighted average of the useful life of the systems and improvements as determined by EIC acting on behalf of the County.C.The rate of interest for the charge shall be fixed by EIC, acting on behalf of the County, at the time the Energize NY Finance Agreement is executed by the property owner and EIC.D.The charge shall constitute a lien upon the real property benefited by the Energize NY Benefit Financing Program as set forth in Article 5-L of the General Municipal Law and shall run with the land. A transferee of title to the benefited real property shall be required to pay any future installments, including interest thereon.
Amended 12-5-2017 by L.L. No. 3-2018