24 LC 50 0887ERS
The Senate Committee on Rules offered the following
substitute to HB 206:
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 62 of Title 36 of the Official Code of Georgia Annotated, relating to1
development authorities, so as to authorize development authorities to provide certain2
financing for qualifying improvements, including energy efficiency, water conservation,3
renewable energy, and resiliency improvements; to provide for powers; to provide for4
financial obligations; to provide a short title; to provide for legislative findings and intent;5
to provide for cities and counties to cooperate with development authorities in financing6
qualifying improvements by imposing special assessments on qualifying commercial7
properties; to provide for the collection and lien status of such assessments; to provide for8
definitions; to provide for related matters; to provide for an effective date; to repeal9
conflicting laws; and for other purposes.10
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11
SECTION 1.12
Chapter 62 of Title 36 of the Official Code of Georgia Annotated, relating to development13
authorities, is amended by redesignating Code Sections 36-62-1 through 36-62-14 as14
Article 1.15
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SECTION 2.16
Said chapter is further amended by adding a new Code section to read as follows:17
"36-62-2.1.18
As used in this chapter, the term:19
(1) 'Assessment' means a special assessment imposed by a participating local20
government pursuant to Article 2 of this chapter.21
(2) 'Assessment agreement' means an agreement between an authority and a qualifying22
property owner in which, among other things, the authority agrees to pay the costs of23
qualifying improvements and the qualifying property owner voluntarily requests24
assessments to be imposed by the participating local government on the qualifying25
property.26
(3) 'Assessment financing' means the financing or refinancing of qualifying27
improvements.28
(4) 'Capital provider' means a private entity or its designee, successor, or assign that29
purchases an obligation of an authority pursuant to this article.30
(5) 'Cost of the qualifying improvements' or 'cost of any qualifying improvement' means31
and includes:32
(A) All costs of acquisition (by purchase or otherwise), construction, assembly,33
installation, modification, renovation, or rehabilitation incurred in connection with any34
qualifying improvement or any part of any qualifying improvement;35
(B) All costs of real property, fixtures, or materials used in or in connection with or36
necessary for any qualifying improvement or for any facilities related thereto,37
including, but not limited to, the cost of all easements, rights, improvements, water38
rights, connections for utility services, fees, franchises, permits, approvals, licenses, and39
certificates; the cost of securing any such franchises, permits, approvals, licenses, or40
certificates; and the cost of preparation of any application therefor and the cost of all41
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labor and materials used in or in connection with or necessary for any qualifying42
improvement;43
(C) All financing charges and loan fees and all interest on revenue bonds, notes, or44
other obligations of an authority that accrues or is paid prior to and during the period45
of construction of a qualifying improvement and during such additional period as the46
authority may reasonably determine to be necessary to place such qualifying47
improvement in operation;48
(D) All costs of engineering, architectural, and legal services and all expenses incurred49
by engineers, architects, and attorneys in connection with any qualifying improvement;50
(E) All expenses for inspection and any third-party review or verification fees;51
(F) All fees of fiscal agents, paying agents, and trustees for bondholders under any trust52
agreement, indenture of trust, or similar instrument or agreement; all expenses incurred53
by any such fiscal agents, paying agents, and trustees; and all other costs and expenses54
incurred relative to the issuance of any revenue bonds, notes, or other obligations for55
any qualifying improvement, including capital provider's fees;56
(G) All fees of any type charged by an authority in connection with any qualifying57
improvement;58
(H) All expenses necessary or incidental to determining the feasibility or practicability59
of any qualifying improvement;60
(I) All costs of plans and specifications for any qualifying improvement;61
(J) Repayment of any loans made for the advance payment of any part of any of the62
foregoing costs, including interest thereon and any other expenses of such loans;63
(K) Administrative expenses of the authority and such other expenses as may be64
necessary or incidental to any qualifying improvement or the financing thereof or the65
placing of any qualifying improvement in operation; and66
(L) The establishment of a fund or funds for the creation of a debt service reserve, a67
renewal and replacement reserve, or such other funds or reserves, including for ad68
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valorem taxes and insurance, as the authority may approve with respect to the financing69
and operation of any qualifying improvement and as may be authorized by any bond70
resolution, trust agreement, indenture of trust, or similar instrument or agreement71
pursuant to the provisions of which the issuance of any revenue bonds, notes, or other72
obligations of the authority may be authorized.73
Any cost, obligation, or expense incurred for any of the foregoing purposes shall be a part74
of such defined term and may be paid or reimbursed as such out of proceeds of revenue75
bonds, notes, or other obligations issued by the authority.76
(6) 'Financing application' means an application submitted to an authority or program77
administrator to demonstrate that the proposed improvements qualify for financing78
pursuant to a program.79
(7) 'Intergovernmental assessment agreement' means a contract entered into pursuant to80
Article IX, Section III, Paragraph I of the Constitution of Georgia between a county or81
a municipal corporation, as party of the first part, and an authority, as party of the second82
part, pursuant to which the county or municipal corporation agrees to make payments to83
the authority, the sole source of which shall be assessments and no other public moneys,84
to furnish financial assistance to aid in the planning, undertaking, or carrying out of a85
qualifying improvement.86
(8) 'Participating local government' means a municipal corporation or a county that87
enters into an intergovernmental assessment agreement with an authority.88
(9) 'Program' means a commercial property assessed conservation, energy, and resiliency89
program established by an authority.90
(10) 'Program administrator' means any official or agency designated by an authority to91
administer a program or a private and independent third party designated by an authority92
to administer a program, provided that the administration procedures used conform to the93
requirements of this article.94
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(11) 'Program guidebook' means a comprehensive document that establishes appropriate95
guidelines, specifications, approval criteria, and other standard forms consistent with96
administering a program and not detailed in this article, including forms for an97
assessment agreement, notice of assessment, and financing application.98
(12) 'Qualifying improvement' means a permanently affixed energy efficiency99
improvement, renewable energy improvement, water conservation improvement, or100
resiliency improvement installed on qualifying property as part of the construction or101
renovation of the qualifying property.102
(13) 'Qualifying property' means privately owned or leased commercial, industrial, or103
agricultural real property or multifamily residential real property with five or more104
dwelling units.105
(14) 'Resiliency improvement' means any improvement to qualifying property intended106
to increase resilience and improve durability of such property, including, but not limited107
to, seismic retrofits, flood mitigation, fire suppression, wind resistance, energy storage,108
microgrids, and backup power generation."109
SECTION 3.110
Said chapter is further amended by adding a new Code section to read as follows:111
"36-62-6.2.112
(a) In addition to the powers otherwise granted in this article, each authority shall have the113
following powers:114
(1) To make and execute intergovernmental assessment agreements, assessment115
agreements, and agreements for grants or loans to finance or refinance qualifying116
improvements;117
(2) To finance by loan, grant, or otherwise, including through assessment agreements,118
and refinance qualifying improvements and to pay the cost of any qualifying119
improvement from the proceeds of revenue bonds, notes, or other obligations of the120
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authority or any other funds of the authority, or from any contributions or loans by121
persons, corporations, partnerships, whether limited or general, or other entities, all of122
which the authority is authorized to receive, accept, and use;123
(3) To issue revenue bonds, notes, or other obligations of the authority and use the124
proceeds thereof for the purpose of paying, or loaning or granting the proceeds thereof125
to pay, all or any part of the cost of any qualifying improvement and otherwise to further126
or carry out the public purpose of the authority and to pay all costs of the authority127
incidental to, or necessary and appropriate to, furthering or carrying out such purpose;128
(4) To extend credit or make loans or grants to any person, corporation, partnership,129
whether limited or general, or other entity for the costs of any qualifying improvement130
or any part of the costs of any qualifying improvement, which credit, loans, or grants may131
be evidenced or secured by loan agreements, grant agreements, assessment agreements,132
notes, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, or133
such other instruments, or by assessments, revenues, fees, or charges, upon such terms134
and conditions as the authority shall determine to be reasonable in connection with such135
extension of credit, loans, or grants, including provision for the establishment and136
maintenance of reserve funds; and, in the exercise of powers granted by this article in137
connection with any qualifying improvement, the authority shall have the right and power138
to require the inclusion in any such loan agreement, grant agreement, assessment139
agreement, note, mortgage, deed to secure debt, trust deed, security agreement,140
assignment, or other instrument of such provisions or requirements for guaranty of any141
obligations, insurance, construction, use, operation, maintenance, and financing of a142
qualifying improvement, and such other terms and conditions as the authority may deem143
necessary or desirable;144
(5) As security for repayment of any revenue bonds, notes, or other obligations of the145
authority, to pledge, convey, assign, hypothecate, or otherwise encumber any property146
of the authority, including, but not limited to, contract rights under intergovernmental147
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assessment agreements and revenues or other funds, and to execute any trust indenture;148
trust agreement; agreement for the sale of the authority's revenue bonds, notes, or other149
obligations; loan agreement; security agreement; assignment; or other agreement or150
instrument as may be necessary or desirable, in the judgment of the authority, to secure151
any such revenue bonds, notes, or the obligations, which instruments or agreements may152
provide for foreclosure or forced sale of any property of the authority upon default in any153
obligation of the authority, either in payment of principal, premium, if any, or interest or154
in the performance of any term or condition contained in any such agreement or155
instrument. The State of Georgia, on behalf of itself and each county, municipal156
corporation, political subdivision, or taxing district therein, waives any right it or such157
county, municipal corporation, political subdivision, or taxing district may have to158
prevent the forced sale or foreclosure of any property of the authority upon such default159
and agrees that any agreement or instrument encumbering such property may be160
foreclosed in accordance with law and the terms thereof;161
(6) To receive and use the proceeds of any assessment imposed by a municipal162
corporation or a county to pay the costs of any qualifying improvement or for any other163
purpose for which the authority may use its own funds pursuant to this article, including164
the payment of principal or premium, if any, and interest on revenue bonds, notes, or165
other obligations of the authority; and166
(7) To establish and administer programs and to appoint, select, and employ program167
administrators and to fix their compensation and pay their expenses.168
(b) When an authority exercises its grant powers given by subsection (a) of this Code169
section, in determining compliance with Article III, Section VI, Paragraph VI(a) of the170
Constitution of Georgia, the authority may take into consideration the assessments to be171
paid by the grant recipient, as well as the substantiality of the public purpose to be achieved172
by the grant."173
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SECTION 4.174
Said chapter is further amended by adding new Code sections to read as follows:175
"36-62-8.1.176
(a) Revenue bonds, notes, or other obligations issued by an authority to finance or177
refinance the cost of any qualifying improvement shall be paid solely from the property,178
including, but not limited to, contract rights, revenues, or other funds, pledged, conveyed,179
assigned, hypothecated, or otherwise encumbered to secure or to pay such bonds, notes, or180
other obligations.181
(b) All revenue bonds, notes, and other obligations shall be authorized by resolution of the182
authority, adopted by a majority vote of the directors of the authority at a regular or special183
meeting.184
(c) Revenue bonds, notes, or other obligations issued to finance or refinance the cost of185
any qualifying improvement shall bear such date or dates; shall mature at such time or186
times, not more than 40 years from their respective dates; shall bear interest at such rate or187
rates, which may be fixed or may fluctuate or otherwise change from time to time; shall be188
subject to redemption on such terms; and shall contain such other terms, provisions,189
covenants, assignments, and conditions as the resolution authorizing the issuance of such190
bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants,191
assignments, and conditions contained in or provided or permitted by any resolution of the192
authority authorizing the issuance of such revenue bonds, notes, or other obligations shall193
bind the directors of the authority then in office and their successors.194
(d) The authority shall have the power from time to time and whenever it deems it195
expedient to refund any revenue bonds, notes, or other obligations issued to finance or196
refinance the cost of any qualifying improvement by the issuance of new revenue bonds,197
notes, or other obligations, whether or not the revenue bonds, notes, or other obligations198
to be refunded have matured, and may issue revenue bonds, notes, or other obligations199
partly to refund revenue bonds, notes, or other obligations then outstanding and partly for200
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any other purpose permitted under this article. The refunding revenue bonds, notes, or201
other obligations may be exchanged for the revenue bonds, notes, or other obligations to202
be refunded, with such cash adjustments as may be agreed upon, or may be sold and the203
proceeds applied to the purchase or redemption of the revenue bonds, notes, or other204
obligations to be refunded.205
(e) There shall be no limitation upon the amount of revenue bonds, notes, or other206
obligations that an authority may issue to finance or refinance the cost of any qualifying207
improvement. Any limitations with respect to interest rates or any maximum interest rate208
or rates found in Article 3 of Chapter 82 of this title, the 'Revenue Bond Law,' the usury209
laws of this state, or any other laws of this state shall not apply to revenue bonds, notes, or210
other obligations of an authority issued to finance or refinance the cost of any qualifying211
improvement.212
(f) All revenue bonds issued by an authority under this article to finance or refinance the213
cost of any qualifying improvement shall be issued and validated under and in accordance214
with Article 3 of Chapter 82 of this title, the 'Revenue Bond Law,' except as provided in215
this article, provided that notes and other obligations of an authority may, but shall not be216
required to, be so validated.217
(g) The terms 'cost of the qualifying improvement' and 'cost of any qualifying218
improvement' shall have the meaning prescribed in this article whenever those terms are219
referred to in bond resolutions of an authority; in bonds, notes, or other obligations of an220
authority; or in notices or proceedings to validate such bonds, notes, or other obligations221
of an authority.222
36-62-8.2.223
(a) A program shall establish a financing application and review process to evaluate such224
applications. The program shall prescribe the form and manner of the financing225
application. At a minimum:226
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(1) An applicant shall demonstrate that the qualifying improvement provides a benefit227
to the public in the form of energy or water resource conservation or improved resiliency;228
(2) For an existing building:229
(A) When energy or water efficiency improvements are proposed, an applicant shall230
provide:231
(i) An energy or water efficiency analysis by a licensed engineering firm, engineer,232
or other qualified professional listed in the program guidebook; and233
(ii) A statement by the author of the analysis that the proposed qualifying234
improvements will result in more efficient use or conservation of energy or water, the235
reduction of greenhouse gas emissions, or the addition of renewable sources of energy236
or water; or237
(B) When resiliency improvements are proposed, an applicant shall provide238
certification by a licensed engineering firm, engineer, or other qualified professional239
listed in the program guidebook stating that the proposed qualifying improvements will240
result in improved resilience;241
(3) For new construction, an applicant shall provide certification by a licensed242
engineering firm, engineer, or other qualified professional listed in the program243
guidebook stating that the proposed qualifying improvements will enable the qualifying244
property to exceed the current building code requirements for:245
(A) Energy efficiency;246
(B) Water efficiency;247
(C) Renewable energy; or248
(D) Resilience;249
(4) An applicant shall include a certification that the person requesting the proposed250
qualifying improvements is the owner of the qualifying property and that there are no251
delinquent taxes or assessments on the qualifying property; and252
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(5) An applicant shall demonstrate that the proposed assessment financing meets the253
following guidelines and any other guidelines adopted by the authority, which may be in254
addition to or more restrictive than the following guidelines:255
(A) Unless a higher percentage is agreed to by the holder of a lien, mortgage, or256
security deed encumbering the qualifying property in the written consent required by257
subsection (b) of this Code section, an applicant must demonstrate that the amount of258
the proposed assessment financing and all other debt secured by the qualifying property259
upon execution of the assessment agreement will not exceed 80 percent of the fair260
market value of the qualifying property as determined by a qualified appraiser, which261
appraisal may take into account the expected increase in fair market value of the262
qualifying property resulting from the proposed qualifying improvements, as completed263
or as stabilized;264
(B) An applicant must demonstrate that the amount of the proposed assessment265
financing will not exceed 25 percent of the fair market value of the qualifying property266
as determined by a qualified appraiser, which appraisal may take into account the267
expected increase in fair market value of the qualifying property resulting from the268
proposed qualifying improvements, as completed or as stabilized; and269
(C) An applicant must demonstrate that the period or term of the assessment financing270
will not exceed the weighted average useful life expected for the proposed qualifying271
improvements. The applicant shall include a statement from a qualified professional272
indicating the weighted average useful life expected for the proposed qualifying273
improvements.274
(b) For approved qualifying improvements, an authority may enter into an assessment275
agreement with the owner of the qualifying property to pay the cost of qualifying276
improvements. Prior to entering into an assessment agreement, an applicant shall provide277
written consent from any holder of a lien, mortgage, or security deed encumbering the278
qualifying property. Such written consent shall be signed in the sole and absolute279
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discretion of the holder of a prior lien, mortgage, or security deed encumbering the280
qualifying property and, at a minimum, shall state that the holder of such prior lien,281
mortgage, or security deed has reviewed the final terms of the financing and the assessment282
agreement; that the qualifying property may participate in the program; and that the283
assessment lien shall have the same priority status as a lien for ad valorem taxes of the284
participating local government.285
(c) Each assessment agreement shall include:286
(1) A description of the qualifying improvements;287
(2) A statement describing the procedures for billing and collection of assessments to be288
imposed by the participating local government pursuant to an intergovernmental289
assessment agreement, which the owner of the qualifying property shall voluntarily290
request to be imposed and shall agree to pay either directly or through an escrow account291
that may be established or increased by a prior lien holder on the qualifying property;292
(3) The total amount of the assessment;293
(4) A schedule of assessment installments requested to be imposed by the participating294
local government;295
(5) Any administrative fees to be paid to the authority or to the participating local296
government pursuant to the related intergovernmental assessment agreement;297
(6) The number of years the assessment shall be imposed on the qualifying property; and298
(7) The conditions under which the owner of the qualifying property may prepay and299
permanently satisfy the unpaid portion of the assessment and remove the assessment lien300
from the qualifying property, including a description of the terms of any prepayment301
penalty.302
(d) An assessment agreement may authorize the owner of the qualifying property to303
contract directly, including through lease, power purchase agreement, or other service304
contract, for installing or modifying a qualifying improvement.305
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(e) Upon execution of an assessment agreement by an owner of the qualifying property306
and an authority, the authority shall cause the participating local government to execute and307
record a notice of assessment in the land record of the jurisdiction in which the qualifying308
property is located, in accordance with Article 2 of this chapter.309
(f) No authority described in this article shall grant any capital provider the exclusive right310
to provide financing or refinancing on a program-wide basis. It is the intent of this311
subsection to enable owners of qualifying properties to recommend to authorities the312
capital providers to finance or refinance the qualifying improvements owned or to be313
owned by such qualifying property owners."314
SECTION 5.315
Said chapter is further amended by adding a new article to read as follows:316
"ARTICLE 2317
36-62-15.318
This article shall be known and may be cited as the 'Commercial Property Assessed319
Conservation, Energy, and Resiliency Cooperation Law.'320
36-62-16.321
The General Assembly finds that it is in the public interest and vital to the public welfare322
of the people of the State of Georgia, and it is declared to be the intent of this article, to323
authorize municipal corporations and counties to enact ordinances or resolutions to324
establish commercial property assessed conservation, energy, and resiliency programs and325
to enter into agreements with development authorities to carry out such programs, all for326
the purpose of developing trade, commerce, industry, and employment opportunities. It327
is found and declared that the assistance provided in this article for the purposes set forth328
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in Article 1 of this chapter constitutes a public use and purpose and an essential329
governmental function for which public moneys consisting solely of assessments may be330
spent and that the provisions enacted in this article are necessary in the public interest.331
36-62-17.332
(a) For the purpose of aiding and cooperating in the planning, undertaking, constructing,333
or carrying out of qualifying improvements located within the area in which it is authorized334
to act, any municipal corporation or county, upon such terms, with or without335
consideration, as it may determine, may:336
(1) Enter into intergovernmental assessment agreements with an authority respecting337
action to be taken by such municipal corporation or county pursuant to any of the powers338
granted by this article, including the furnishing of funds or other assistance in connection339
with qualifying improvements, provided that the obligations of any such municipal340
corporation or county under any such intergovernmental assessment agreement shall be341
limited obligations payable solely from assessments and shall not be paid from any other342
public moneys;343
(2) Do any and all things necessary or convenient to aid or cooperate in the planning,344
undertaking, constructing, and carrying out of qualifying improvements; and345
(3) Grant or contribute assessments to an authority or agree to take such action.346
(b) Any participating local government shall have the power to impose, bill, and collect347
assessments and to pledge and assign assessments to an authority to secure its obligations348
under an intergovernmental assessment agreement.349
(c) Pursuant to Code Section 36-62-8.2, an authority may enter into an assessment350
agreement with an owner of qualifying property for qualifying improvements, under which351
such owner voluntarily agrees to the imposition of assessments under this article. After an352
assessment agreement is entered into, and upon notice from the authority, a participating353
local government shall have the power to execute and record a notice of assessment on the354
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subject property in the real property records of the relevant county. Such notice of355
assessment shall contain:356
(1) The principal amount of the assessment;357
(2) The legal description of the property;358
(3) The name of each property owner;359
(4) A copy of the assessment agreement, including a schedule of assessments to be360
imposed by the participating local government; and361
(5) A reference to subsection (d) of this Code section authorizing the creation of an362
assessment lien to secure an assessment imposed under this article.363
(d) An assessment imposed by a participating local government under this article:364
(1) Is a lien against the property on which the assessment is imposed, from the date on365
which the notice of assessment is recorded until the assessment, interest, and penalties366
are paid in full; and367
(2) Has the same priority status as a lien for ad valorem taxes levied by the participating368
local government.369
(e) The assessment lien created under this article runs with the land and that portion of the370
assessment that is not yet due may not be accelerated or eliminated by foreclosure of a371
property tax lien or other lien.372
(f) Assessments imposed under this article shall be billed and collected in installments in373
the same manner, by the same tax collector, and at the same times as ad valorem taxes374
levied by the participating local government are billed and collected. The tax collector may375
include any assessment installment as a separate line item on an ad valorem tax bill or may376
send a separate bill for any assessment installment. The participating local government377
may charge fees that shall reflect the reasonable costs of the tax collector for his or her378
actions under this subsection and that shall be added to the assessment. The tax collector379
shall be a party signatory to each intergovernmental assessment agreement entered into by380
a participating local government. All proceeds of assessment installments received by a381
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participating local government, net of administrative fees of the participating local382
government, that are subject to a pledge created in an intergovernmental assessment383
agreement shall be remitted to the applicable authority pursuant to the terms of the384
intergovernmental assessment agreement.385
(g) A delinquent assessment installment that is unpaid when due shall incur interest and386
penalties in the same manner as delinquent ad valorem taxes and shall be enforced by or387
on behalf of the participating local government in the same manner as its ad valorem tax388
liens. All proceeds from enforcing a delinquent assessment installment and related389
penalties and interest received by a participating local government that are subject to a390
pledge created in an intergovernmental assessment agreement shall be remitted to the391
applicable authority pursuant to the terms of the intergovernmental assessment agreement.392
(h) Subject to an intergovernmental assessment agreement, a participating local393
government may charge fees that shall reflect the reasonable costs of the participating local394
government for its actions under this article and that shall be added to the assessment.395
(i) Assessments shall not count against the tax limitations contained in paragraph (20) of396
Code Section 48-5-220 or Code Section 48-5-350.397
36-62-18.398
(a) No obligations of any participating local government under any intergovernmental399
assessment agreement shall constitute a pledge of the full faith or credit of such400
participating local government.401
(b) Any monetary obligation of any participating local government under any402
intergovernmental assessment agreement shall be payable solely from assessments pledged403
and proceeds from enforcing delinquent assessments pursuant to such intergovernmental404
assessment agreement.405
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(c) No party to or third-party beneficiary of any intergovernmental assessment agreement406
or any assignee of any rights under any intergovernmental assessment agreement shall have407
the right to compel:408
(1) Any exercise of the taxing power of any participating local government, provided409
that such party, third-party beneficiary, or assignee may compel the imposition and410
enforcement of assessments agreed to be imposed and enforced pursuant to such411
intergovernmental assessment agreement; or412
(2) The enforcement of any payment against any property or public moneys of any such413
participating local government other than assessments pledged or proceeds from414
enforcing delinquent assessments pursuant to such intergovernmental assessment415
agreement.416
36-62-19.417
The exercise by a participating local government of the powers granted by this article may418
be authorized by resolution of the governing body of such participating local government.419
The resolution shall be adopted by a majority of the members of the governing body420
present at a meeting of such governing body, which resolution may be adopted at the421
meeting at which such resolution is introduced. Such a resolution or resolutions shall take422
effect immediately and need not be laid over or published or posted."423
SECTION 6.424
This Act shall become effective upon its approval by the Governor or upon its becoming law425
without such approval.426
SECTION 7.427
All laws and parts of laws in conflict with this Act are repealed.428
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