(a) The municipality shall prepare a report for a proposed program required by Alaska Stat. § 29.55.100 that includes
Terms Used In Alaska Statutes 29.55.110
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
Contract: A legal written agreement that becomes binding when signed.
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
(1) a map showing the boundaries of each proposed region within which the program is available;(2) a form for a contract between the municipality and a property owner specifying the terms of
(A) assessment under the program; and(B) financing provided by a third party or the municipality, as appropriate;(3) if the proposed program provides for third-party financing, a form for a contract between the municipality and the third party regarding the servicing of the debt through assessments;(4) a description of energy and resilience improvement projects that may qualify for assessments;(5) a plan for ensuring sufficient capital for third-party financing and, if appropriate, raising capital for municipal financing for energy and resilience improvement projects;(6) if bonds will be issued to provide capital to finance energy and resilience improvement projects as part of the program as provided by Alaska Stat. § 29.55.140,
(A) a maximum aggregate annual dollar amount for municipal financing repaid by assessments under the program;(B) if requests appear likely to exceed the authorization amount, a priority order for ranking a property owner’s application for financing repaid by assessments; and(C) a formula for calculating
(i) the interest rate and period during which contracting owners would pay an assessment; and(ii) the maximum amount of an assessment;(7) a method to calculate a period of assessment consistent with Alaska Stat. § 29.55.105 (f);(8) a description of the application process and eligibility requirements for financing repaid by assessments under the program;(9) a method for a property owner applying to participate in the program to demonstrate the property owner’s ability to fulfill financial obligations and pay assessments; the method must be based on appropriate underwriting factors, including
(A) verification that the property owner
(i) is the legal owner of the benefited property;(ii) is current on mortgage and property tax payments; and(iii) is not insolvent or in bankruptcy proceedings; and(B) an appropriate ratio between the amount of the assessment and the market value of the property;(10) an explanation of the manner in which the municipality shall assess the property and collect assessments;(11) the lender notice requirement under Alaska Stat. § 29.55.115;(12) the review requirement under Alaska Stat. § 29.55.120;(13) a description of marketing and participant education services provided by the municipality for the program;(14) a description of quality assurance and antifraud measures instituted by the municipality for the program and the consequence or penalty prescribed by the municipality for a property owner who participates in the program but does not complete an energy or resilience improvement project as proposed; and(15) a description of the insurance requirements, including a requirement that the property owner have insurance against damage to the energy or resilience improvement project for the life of the assessment.(b) The municipality shall make the report available for public inspection
(1) on the Internet website of the municipality; and(2) at the primary governing offices of the municipality.
