§ 63-6. Energize NY Finance Agreement.  


Latest version.
  • A. 
    A qualified property owner may participate in the program through the execution of a finance agreement made by and between the qualified property owner and a financing party, to which EIC, on behalf of the Town of New Castle, shall be a third-party beneficiary (the "finance agreement"). Upon execution and delivery of the finance agreement, the property that is the subject of the finance agreement shall be deemed a ("benefited property").
    B. 
    Upon execution and delivery of the finance agreement, the benefited property owner shall be eligible to receive funds from the financing party for the acquisition, construction, and installation of a qualified project, together with eligible costs and financing charges approved by EIC and by the financing party, provided the requirements of the Enabling Act, the municipal agreement and this local law have been met.
    C. 
    The finance agreement shall include the terms and conditions of repayment of the secured amount and the annual installment amounts.
    D. 
    EIC may charge fees to offset the costs of administering the program and such fees, if not paid by the financing party, shall be added to the secured amount.