SB220 Alabama 2015 Session

This bill would create the Property Insurance and Energy Reduction Act of Alabama to allow a county or municipality to adopt programs to finance, through bonds or notes issued by the governmental entity, necessary improvements to properties in designated regions for the purpose of increasing energy efficiency and resistance to storm-related events, such as high winds and flooding

This bill would establish the procedures to create a program, provide for the contractual relationship between the local government and the private property owner participating in the program, and would provide that an unpaid contractual assessment under the program would be a lien on the affected property similar to ad valorem tax liens

To allow a county or municipality to adopt a program to issue bonds or notes to finance loans to property owners for making necessary improvements to properties for the purpose of increasing energy efficiency and resistance to storm-related events; to authorize a local government to impose assessments to fund qualifying improvements for qualified projects; to require a local government to designate areas where projects would be completed; to provide procedures for adoption of a program; to provide for the hiring of program administrators and staff; to authorize fees to offset costs; to provide for the contractual obligations of the local government and the record owner of the affected property; to require notice to certain property owners; to provide that assessments are a lien on property; to provide for enforcement.