Section 36-62-2.1 - Definitions related to financing for qualifying improvementsAs used in this chapter, the term:
(1) "Assessment" means a special assessment imposed by a participating local government pursuant to Article 2 of this chapter.(2) "Assessment agreement" means an agreement between an authority and a qualifying property owner in which, among other things, the authority agrees to pay the costs of qualifying improvements and the qualifying property owner voluntarily requests assessments to be imposed by the participating local government on the qualifying property.(3) "Assessment financing" means the financing or refinancing of qualifying improvements.(4) "Capital provider" means a private entity or its designee, successor, or assign that purchases an obligation of an authority pursuant to this article.(5) "Cost of the qualifying improvements" or "cost of any qualifying improvement" means and includes: (A) All costs of acquisition (by purchase or otherwise), construction, assembly, installation, modification, renovation, or rehabilitation incurred in connection with any qualifying improvement or any part of any qualifying improvement;(B) All costs of real property, fixtures, or materials used in or in connection with or necessary for any qualifying improvement or for any facilities related thereto, including, but not limited to, the cost of all easements, rights, improvements, water rights, connections for utility services, fees, franchises, permits, approvals, licenses, and certificates; the cost of securing any such franchises, permits, approvals, licenses, or certificates; and the cost of preparation of any application therefor and the cost of all labor and materials used in or in connection with or necessary for any qualifying improvement;(C) All financing charges and loan fees and all interest on revenue bonds, notes, or other obligations of an authority that accrues or is paid prior to and during the period of construction of a qualifying improvement and during such additional period as the authority may reasonably determine to be necessary to place such qualifying improvement in operation;(D) All costs of engineering, architectural, and legal services and all expenses incurred by engineers, architects, and attorneys in connection with any qualifying improvement;(E) All expenses for inspection and any third-party review or verification fees;(F) All fees of fiscal agents, paying agents, and trustees for bondholders under any trust agreement, indenture of trust, or similar instrument or agreement; all expenses incurred by any such fiscal agents, paying agents, and trustees; and all other costs and expenses incurred relative to the issuance of any revenue bonds, notes, or other obligations for any qualifying improvement, including capital provider's fees;(G) All fees of any type charged by an authority in connection with any qualifying improvement;(H) All expenses necessary or incidental to determining the feasibility or practicability of any qualifying improvement;(I) All costs of plans and specifications for any qualifying improvement;(J) Repayment of any loans made for the advance payment of any part of any of the foregoing costs, including interest thereon and any other expenses of such loans;(K) Administrative expenses of the authority and such other expenses as may be necessary or incidental to any qualifying improvement or the financing thereof or the placing of any qualifying improvement in operation; and(L) The establishment of a fund or funds for the creation of a debt service reserve, a renewal and replacement reserve, or such other funds or reserves, including for ad valorem taxes and insurance, as the authority may approve with respect to the financing and operation of any qualifying improvement and as may be authorized by any bond resolution, trust agreement, indenture of trust, or similar instrument or agreement pursuant to the provisions of which the issuance of any revenue bonds, notes, or other obligations of the authority may be authorized. Any cost, obligation, or expense incurred for any of the foregoing purposes shall be a part of such defined term and may be paid or reimbursed as such out of proceeds of revenue bonds, notes, or other obligations issued by the authority.
(6) "Financing application" means an application submitted to an authority or program administrator to demonstrate that the proposed improvements qualify for financing pursuant to a program.(7) "Intergovernmental assessment agreement" means a contract entered into pursuant to Article IX, Section III, Paragraph I of the Constitution of Georgia between a county or a municipal corporation, as party of the first part, and an authority, as party of the second part, pursuant to which the county or municipal corporation agrees to make payments to the authority, the sole source of which shall be assessments and no other public moneys, to furnish financial assistance to aid in the planning, undertaking, or carrying out of a qualifying improvement.(8) "Participating local government" means a municipal corporation or a county that enters into an intergovernmental assessment agreement with an authority.(9) "Program" means a commercial property assessed conservation, energy, and resiliency program established by an authority.(10) "Program administrator" means any official or agency designated by an authority to administer a program or a private and independent third party designated by an authority to administer a program, provided that the administration procedures used conform to the requirements of this article.(11) "Program guidebook" means a comprehensive document that establishes appropriate guidelines, specifications, approval criteria, and other standard forms consistent with administering a program and not detailed in this article, including forms for an assessment agreement, notice of assessment, and financing application.(12) "Qualifying improvement" means a permanently affixed energy efficiency improvement, renewable energy improvement, water conservation improvement, or resiliency improvement installed on qualifying property as part of the construction or renovation of the qualifying property.(13) "Qualifying property" means privately owned or leased commercial, industrial, or agricultural real property or multifamily residential real property with five or more dwelling units.(14) "Resiliency improvement" means any improvement to qualifying property intended to increase resilience and improve durability of such property, including, but not limited to, seismic retrofits, flood mitigation, fire suppression, wind resistance, energy storage, microgrids, and backup power generation.Added by 2024 Ga. Laws 494,§ 3, eff. 4/25/2024.