TITLE 39
Public Utilities and Carriers

CHAPTER 39-26.5
Property Assessed Clean Energy Program

SECTION 39-26.5-4.1


§ 39-26.5-4.1 Financing agreements – PACE assessments – PACE liens.

(a) The Rhode Island infrastructure bank may enter into a financing agreement with a qualifying PACE property owner. After such agreement is entered into, and upon notice from the Rhode Island infrastructure bank, the PACE municipality shall: (i) place a caveat on the land records indicating that a PACE assessment and lien is anticipated upon completion of the PACE project for such property; or (ii) at the direction of the Rhode Island infrastructure bank, levy the PACE assessment and file a lien on the land records on the estimated costs of the PACE project prior to the completion or upon the completion of said PACE project.

(b) PACE assessments levied pursuant to this chapter and the interest, fees and any penalties thereon shall constitute a lien against the qualifying PACE property on which they are made until they are paid. Such lien shall be collected in the same manner as the property taxes of the PACE municipality on real property, including, in the event of default or delinquency, with respect to any penalties, fees and remedies. Each such lien may be recorded and released in the manner provided for property tax liens.

(c) Any PACE municipality may assign to the Rhode Island infrastructure bank any and all liens filed by the PACE municipality, as provided in the written agreement between the participating municipality and the Rhode Island infrastructure bank. The Rhode Island infrastructure bank may sell or assign, for consideration, any and all liens received from the participating municipality. The consideration received by the Rhode Island infrastructure bank shall be negotiated between the Rhode Island infrastructure bank 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 Rhode Island infrastructure bank and the participating municipality 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. The assignee shall have the same rights to enforce such liens as any private party holding a lien on real property, including, but not limited to, foreclosure and a suit on the debt. Costs and reasonable attorneys' fees incurred by the assignee as a result of any foreclosure action or other legal proceeding brought pursuant to this section and directly related to the proceeding shall be taxed in any such proceeding 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.

History of Section.
(P.L. 2015, ch. 141, art. 14, § 9.)