(a) (1) A PACE program special assessment payment shall be collected in a manner specified in the financing agreement.(2) Assessments privately collected by a third-party program administrator under § 8-15-114(c)(3) may be collected at times specified by the financing agreement.(3) Money derived from the imposition and collection of a PACE program special assessment payment shall be accounted for separate from other county funds.(4) Each PACE program special assessment payment received by the county shall be promptly remitted to the capital provider financing the qualifying improvement on the eligible property upon which the special assessment lien has been levied.
(1) A PACE program special assessment payment shall be collected in a manner specified in the financing agreement.
(2) Assessments privately collected by a third-party program administrator under § 8-15-114(c)(3) may be collected at times specified by the financing agreement.
(3) Money derived from the imposition and collection of a PACE program special assessment payment shall be accounted for separate from other county funds.
(4) Each PACE program special assessment payment received by the county shall be promptly remitted to the capital provider financing the qualifying improvement on the eligible property upon which the special assessment lien has been levied.
(b) (1) In order to secure PACE program financing authorized under this chapter, a governmental entity or district shall enter into a special assessment agreement with an owner of eligible property, and a capital provider in the case of direct PACE program financing, and shall subsequently record a special assessment lien equal in value to the total PACE financing amount against the eligible property where a qualifying improvement is installed.(2) The special assessment lien shall attach to the eligible property when it is filed of record in the county recorder's office in the county in which the eligible property is located.(3) The recording of the special assessment lien shall include:(A) The legal description of the eligible property;(B) The county assessor's parcel number of the eligible property;(C) The grantor's name, which shall be the same as the owner on the special assessment agreement;(D) The grantee's name, which shall be the governmental entity or district on whose authority the qualifying improvement is approved;(E) The date on which the special assessment lien was created;(F) The principal amount of the special assessment lien;(G) The terms and length of the special assessment lien; and(H) A copy of the special assessment financing agreement.
(1) In order to secure PACE program financing authorized under this chapter, a governmental entity or district shall enter into a special assessment agreement with an owner of eligible property, and a capital provider in the case of direct PACE program financing, and shall subsequently record a special assessment lien equal in value to the total PACE financing amount against the eligible property where a qualifying improvement is installed.
(2) The special assessment lien shall attach to the eligible property when it is filed of record in the county recorder's office in the county in which the eligible property is located.
(3) The recording of the special assessment lien shall include:(A) The legal description of the eligible property;(B) The county assessor's parcel number of the eligible property;(C) The grantor's name, which shall be the same as the owner on the special assessment agreement;(D) The grantee's name, which shall be the governmental entity or district on whose authority the qualifying improvement is approved;(E) The date on which the special assessment lien was created;(F) The principal amount of the special assessment lien;(G) The terms and length of the special assessment lien; and(H) A copy of the special assessment financing agreement.
(A) The legal description of the eligible property;
(B) The county assessor's parcel number of the eligible property;
(C) The grantor's name, which shall be the same as the owner on the special assessment agreement;
(D) The grantee's name, which shall be the governmental entity or district on whose authority the qualifying improvement is approved;
(E) The date on which the special assessment lien was created;
(F) The principal amount of the special assessment lien;
(G) The terms and length of the special assessment lien; and
(H) A copy of the special assessment financing agreement.
(c) The priority of a special assessment lien created under this chapter shall be superior to all other liens, claims, and titles except for a lien for general ad valorem property taxes or a district lien that is coequal to property taxes.
(d) A governmental entity or district shall remove the special assessment lien from the property and record a discharge of the special assessment lien created under this chapter upon full payment of the special assessment lien.
(e) If the eligible property is sold, the:(1) Special assessment lien runs with the land and shall stay attached to the eligible property; and(2) Remaining special assessment financing created under this chapter is owed according to the term of the financing agreement by the new eligible property owner.
(1) Special assessment lien runs with the land and shall stay attached to the eligible property; and
(2) Remaining special assessment financing created under this chapter is owed according to the term of the financing agreement by the new eligible property owner.
(f) If the eligible property enters into default or foreclosure:(1) Payment of the special assessment shall not be sought from the governmental entity or a member of the district who does not own the eligible property that entered into default or foreclosure;(2) The special assessment lien runs with the land, and that portion of the special assessment lien that has not yet become due is not accelerated or eliminated by the foreclosure or default of the special assessment lien or any lien for taxes or assessments imposed by the state, a local government, or district against the eligible property on which the special assessment lien is imposed; and(3) The balance of the special assessment shall be repaid according to the terms of the agreed-upon schedule in the financing agreement.
(1) Payment of the special assessment shall not be sought from the governmental entity or a member of the district who does not own the eligible property that entered into default or foreclosure;
(2) The special assessment lien runs with the land, and that portion of the special assessment lien that has not yet become due is not accelerated or eliminated by the foreclosure or default of the special assessment lien or any lien for taxes or assessments imposed by the state, a local government, or district against the eligible property on which the special assessment lien is imposed; and
(3) The balance of the special assessment shall be repaid according to the terms of the agreed-upon schedule in the financing agreement.
(g) Delinquent payments due on a special assessment incur interest and penalties as specified in the financing agreement.
(h) Delinquent payments due on special assessments shall be enforced in the event of nonpayment of the special assessment or an installment of a special assessment.
(i) Delinquent payments due on special assessments have the effect of a delinquent mortgage payment and shall be foreclosed and sold in the manner provided by law for the foreclosure of mortgages on eligible property.
(j) The governmental entity or district on whose authority the qualifying improvement was authorized shall institute proceedings to foreclose the special assessment lien against the eligible property for which payment of the special assessment or installment of the special assessment is delinquent.
(k) In an action seeking the foreclosure of a special assessment lien against an eligible property, if there is no other purchaser for the eligible property having a delinquent special assessment lien, the governmental entity or district on whose authority the qualifying improvement was authorized may:(1) Offer the eligible property to the capital provider if all outstanding taxes are paid by the capital provider;(2) Purchase the eligible property sold at a foreclosure sale; or(3) Bid, in lieu of cash, the full amount of the assessment, interest, penalties, attorney's fees and costs found by the court to be due and payable under the special assessment lien, and any costs taxed by the court in the foreclosure proceedings against the eligible property ordered sold.
(1) Offer the eligible property to the capital provider if all outstanding taxes are paid by the capital provider;
(2) Purchase the eligible property sold at a foreclosure sale; or
(3) Bid, in lieu of cash, the full amount of the assessment, interest, penalties, attorney's fees and costs found by the court to be due and payable under the special assessment lien, and any costs taxed by the court in the foreclosure proceedings against the eligible property ordered sold.
(l) If a governmental entity or district fails or refuses to foreclose and sell an eligible property for the delinquent installments due on a special assessment following delinquency of a special assessment payment, the capital provider who financed the qualifying improvement for the eligible property may initiate foreclosure of the special assessment lien for the delinquent special assessment installments in the manner provided by law for the foreclosure of mortgages on real estate.
(m) Whenever a county is delinquent in the remittance of a special assessment payment received from an owner of eligible property to a capital provider who financed the qualifying improvement for the eligible property, the capital provider who financed the qualifying improvement for the eligible property has the rights and remedies for the collection and remittance of the special assessment as are given by law for the collection of judgments or other matters of local concern against cities, counties, and school districts.