Section 5-18-7 - Special assessment; lien created

A. The district board may impose a special assessment on property within the district to facilitate the financing of renewable energy improvements to the property. The special assessment shall be sufficient in the case of each property to pay the costs of the financing of the renewable energy improvements, including the costs of bond issuance, debt service and administrative costs of the district and the municipality or county in which the district is located. B. The special assessment shall be levied and collected at the same time and in the same manner as property taxes are levied and collected, except to the extent that the district board has provided for other imposition and collection procedures. Money derived from the imposition of the special assessment shall be kept separately from other funds of the governing body. C. A special assessment shall constitute a lien on the property, which shall be effective during the period in which the assessment is imposed and shall have priority over all other liens except liens for ad valorem property taxes. D. The obligation to pay the special assessment may be prepaid and permanently satisfied, and the district board shall specify the

ity over all other liens except liens for ad valorem property taxes. D. The obligation to pay the special assessment may be prepaid and permanently satisfied, and the district board shall specify the conditions under which this may be achieved. History: Laws 2009, ch. 180, § 7. ANNOTATIONSEffective dates. — Laws 2009, ch. 180 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature. The renewable energy special assessment constitutes a lien on the property. — The Renewable Energy Financing District Act (REFD Act) provides that a renewable energy special assessment shall constitute a lien on the property, which lien shall have priority over all other liens except liens for ad valorem property taxes. Thus, under the REFD Act, liens created by the renewable energy special assessments would assume priority over first mortgages, secondary home lines of credit, or other traditional residential financing mechanisms. Administration of Residential Property Assessed Clean Energy (PACE) financing loans (10/21/19), Att'y Gen. Adv. Ltr. 2019-04.