RSA 53-F:7 · Financing Terms

53-F:7 Financing Terms. –
I. Prior to entering into a special assessment agreement, the municipality shall receive from the program administrator certification that the proposed eligible improvements, eligible property and property owner qualify for financing pursuant to the program.
II. Upon receiving certification of approval from the program administrator, the municipality shall:
(a) Execute the assessment agreement; and
(b) Execute the written notice of assessment and lien, prepared by the administrator, which shall be recorded in the records of the office of the county register of deeds of the county in which the property is located. The notice required under this subparagraph shall contain:
(1) The amount of the assessment;
(2) The legal description of the property;
(3) The name of each property owner;
(4) A copy of the written assessment agreement;
(5) The date on which the lien was created;
(6) The principal amount of the lien; and
(7) The term of the lien.
(c) The municipality, or its designee, may assign the recording of executed assignment of the notice of assessment and lien.
III. A special assessment that meets the requirements of RSA 53-F:5 and any interest or penalties on the assessment:
(a) Is a first and prior lien against the commercial property on which the assessment is imposed, from the date on which the notice of special assessment is recorded until the assessment, interest, or penalty is paid; and
(b) Has the same priority status as a lien for any other ad valorem tax, except that it shall be junior to any lien for property tax or other taxes or assessments by the municipality;
(c) The lien runs with the land, and that portion of the assessment under the assessment contract that is not yet due may not be accelerated or eliminated by foreclosure of a property tax lien or any foreclosure under state law.
IV. The proposed arrangements for financing a qualified project may authorize the property owner to:
(a) Directly purchase the related equipment and materials for the installation or modification of a qualified improvement; or
(b) Contract directly, including through lease, power purchase agreement, or other service contract, for the related equipment and materials used in the installation or modification of a qualified improvement.
Source. 2010, 215:2. 2011, 68:3, eff. July 15, 2011. 2014, 294:5, eff. Sept. 30, 2014. 2015, 121:6, eff. June 8, 2015. 2025, 1:7, eff. March 10, 2025.