Missouri Revised Statutes













Chapter 67

Political Subdivisions, Miscellaneous Powers

←67.2810

Section 67.2815.1

67.2820→

August 28, 2015

Assessment contract or levy of special assessment, requirements--maximum assessment--assessment to be a lien, when--right of first refusal, when.

67.2815. 1. A clean energy development board shall not enter into an

assessment contract or levy or collect a special assessment for a project

without making a finding that there are sufficient resources to complete

the project and that the estimated economic benefit expected from the

project during the financing period is equal to or greater than the cost of

the project.



2. An assessment contract shall be executed by the clean energy

development board and the benefitted property owner or property owners and

shall provide:



(1) A description of the project, including the estimated cost of the

project and details on how the project will either reduce energy

consumption or create energy from renewable sources;



(2) A mechanism for:



(a) Verifying the final costs of the project upon its completion; and



(b) Ensuring that any amounts advanced or otherwise paid by the clean

energy development board toward costs of the project will not exceed the

final cost of the project;



(3) An acknowledgment by the property owner that the property owner

has received or will receive a special benefit by financing a project

through the clean energy development board that equals or exceeds the total

assessments due under the assessment contract;



(4) An agreement by the property owner to pay annual special

assessments for a period not to exceed twenty years, as specified in the

assessment contract;



(5) A statement that the obligations set forth in the assessment

contract, including the obligation to pay annual special assessments, are a

covenant that shall run with the land and be obligations upon future owners

of such property; and



(6) An acknowledgment that no subdivision of property subject to the

assessment contract shall be valid unless the assessment contract or an

amendment thereof divides the total annual special assessment due between

the newly subdivided parcels pro rata to the special benefit realized by

each subdivided parcel.



3. The total special assessments levied against a property under an

assessment contract shall not exceed the sum of the cost of the project,

including any required energy audits and inspections, or portion thereof

financed through the participation in a property assessed clean energy

program or clean energy conduit financing, including the costs of any

audits or inspections required by the clean energy development board, plus

such administration fees, interest, and other financing costs reasonably

required by the clean energy development board.



4. The clean energy development board shall provide a copy of each

signed assessment contract to the local county assessor and county

collector and shall cause a copy of such assessment contract to be recorded

in the real estate records of the county recorder of deeds.



5. Special assessments agreed to under an assessment contract shall

be a lien on the property against which it is assessed on behalf of the

applicable clean energy development board from the date that each annual

assessment under the assessment contract becomes due. Such special

assessments shall be collected by the county collector in the same manner

and with the same priority as ad valorem real property taxes. Once

collected, the county collector shall pay over such special assessment

revenues to the clean energy development board in the same manner in which

revenues from ad valorem real property taxes are paid to other taxing

districts. Such special assessments shall be collected as provided in this

subsection from all subsequent property owners, including the state and all

political subdivisions thereof, for the term of the assessment contract.



6. Any clean energy development board that contracts for outside

administrative services to provide financing origination for a project

shall offer the right of first refusal to enter into such a contract to a

federally insured depository institution with a physical presence in

Missouri upon the same terms and conditions as would otherwise be approved

by the clean energy development board. Such right of first refusal shall

not be applicable to the origination of any transaction that involves the

issuance of bonds by the clean energy development board.



(L. 2010 H.B. 1692, et al.)







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