S T A T E O F N E W Y O R K
________________________________________________________________________
3941
2015-2016 Regular Sessions
I N S E N A T E
February 23, 2015
___________
Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
printed to be committed to the Committee on Energy and Telecommuni-
cations
AN ACT to amend the public authorities law, the public service law, and
the real property law, in relation to establishing the "Commercial
on-bill repayment act of 2015"
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Legislative findings. The legislature finds and declares
2 that promoting widespread dissemination of energy conservation and clean
3 energy technologies represents a clear and cost-effective strategy for
4 building owners and occupants in New York state to curtail the emission
5 of greenhouse gases and harmful air contaminants, reducing the state's
6 contribution to climate change, reducing dependence on fossil fuels, and
7 creating green jobs to sustain and enhance our economy. However, lack of
8 affordable and accessible financing for many owners of commercial build-
9 ings has hindered progress in fully realizing the promise of these tech-
10 nologies. On-bill repayment facilitates the financing of clean energy
11 projects through the utility bill, which can allow for more affordable
12 financing terms than would be otherwise available due to the security of
13 utility bill payments. On-bill repayment will incentivize private inves-
14 tors to invest in clean energy improvements in New York, will stimulate
15 the state's economy by creating jobs for contractors and other persons
16 who complete new energy improvements, and will reinforce the leadership
17 role of the state in the new energy economy, thereby attracting clean
18 energy manufacturing facilities and related jobs to the state. On-bill
19 repayment expands access to clean energy upgrades without relying on
20 public funding.
21 Therefore, it is the intent of the legislature to enact a "Commercial
22 On-Bill Repayment" program to animate the market for clean energy
23 improvements and accelerate the flow of private capital into clean ener-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04873-04-5
S. 3941 2
1 gy projects, and thus achieve significant reductions in greenhouse gas
2 emissions and toxic emissions well above the level of reductions that
3 would be achieved through business as usual.
4 S 2. Article 8 of the public authorities law is amended by adding a
5 new title 9-B to read as follows:
6 TITLE 9-B
7 COMMERCIAL ON-BILL REPAYMENT PROGRAM
8 SECTION 1900. SHORT TITLE.
9 1901. DEFINITIONS.
10 1902. PURPOSE.
11 1903. ADMINISTRATION BY THE AUTHORITY.
12 1904. COMMERCIAL ON-BILL REPAYMENT PROGRAM.
13 1905. ADVISORY COUNCIL.
14 1906. ANNUAL REPORTING.
15 1907. FUNDS, ADMINISTRATION AND EVALUATION AND COORDINATION.
16 S 1900. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS THE
17 "COMMERCIAL ON-BILL REPAYMENT ACT OF 2015".
18 S 1901. DEFINITIONS. AS USED IN THIS TITLE, THE FOLLOWING TERMS SHALL
19 HAVE THE FOLLOWING MEANINGS:
20 1. "APPLICANT" MEANS A PERSON WHO OWNS, LEASES OR MANAGES AN ELIGIBLE
21 STRUCTURE OR A PORTION OF SUCH ELIGIBLE STRUCTURE AND WHO HAS THE
22 AUTHORITY TO CONTRACT FOR THE PROVISION OF QUALIFIED CLEAN ENERGY
23 IMPROVEMENTS TO SUCH ELIGIBLE STRUCTURE OR PORTION OF SUCH ELIGIBLE
24 STRUCTURE.
25 2. "AUTHORITY" SHALL HAVE THE SAME MEANING AS IN SUBDIVISION TWO OF
26 SECTION EIGHTEEN HUNDRED FIFTY-ONE OF THIS ARTICLE.
27 3. "COMMERCIAL STRUCTURE" MEANS A BUILDING OTHER THAN A NON-RESIDEN-
28 TIAL STRUCTURE, MULTI-FAMILY STRUCTURE, OR RESIDENTIAL STRUCTURE.
29 4. "DISTRIBUTION UTILITY" MEANS A COMBINATION ELECTRIC AND GAS CORPO-
30 RATION HAVING ANNUAL REVENUES IN EXCESS OF TWO HUNDRED MILLION DOLLARS
31 AND THE LONG ISLAND POWER AUTHORITY.
32 5. "MULTI-FAMILY STRUCTURE" MEANS A MULTI-FAMILY STRUCTURE AS SUCH
33 TERM IS DEFINED IN SECTION EIGHTEEN HUNDRED NINETY-ONE OF THIS ARTICLE.
34 6. "NON-RESIDENTIAL STRUCTURE" MEANS A NON-RESIDENTIAL STRUCTURE AS
35 SUCH TERM IS DEFINED IN SECTION EIGHTEEN HUNDRED NINETY-ONE OF THIS
36 ARTICLE.
37 7. "ELIGIBLE PROJECT" MEANS QUALIFIED CLEAN ENERGY IMPROVEMENTS FOR AN
38 ELIGIBLE STRUCTURE.
39 8. "ELIGIBLE STRUCTURE" MEANS (A) A COMMERCIAL STRUCTURE OR (B) A
40 NON-RESIDENTIAL STRUCTURE.
41 9. "OBR AGREEMENT" MEANS A STANDARD WRITTEN AGREEMENT EXECUTED BY A
42 DISTRIBUTION UTILITY CUSTOMER OF RECORD WITH RESPECT TO THE SUBJECT
43 PROPERTY, THE OWNER OF THE SUBJECT PROPERTY AND AN OBR PARTNER OR ITS
44 AGENT GOVERNING THE TERMS OF AN OBR OBLIGATION.
45 10. "OBR MASTER SERVICER" MEANS AN ENTITY RETAINED BY THE AUTHORITY TO
46 IMPLEMENT THE TASKS SET FORTH IN SECTION NINETEEN HUNDRED FOUR OF THIS
47 TITLE.
48 11. "OBR MASTER SERVICER AGREEMENT" MEANS AN AGREEMENT DEVELOPED BY
49 THE AUTHORITY AS PROVIDED IN SECTION NINETEEN HUNDRED FOUR OF THIS
50 TITLE.
51 12. "OBR OBLIGATION" MEANS AN OBLIGATION TO REPAY A FINANCING PROVIDED
52 TO A UTILITY CUSTOMER FOR THE INSTALLATION OF AN ELIGIBLE PROJECT PURSU-
53 ANT TO AN ON-BILL REPAYMENT PROGRAM. AN OBR OBLIGATION WILL EXIST WHERE
54 A FINANCING PURSUANT TO AN OBR AGREEMENT HAS BEEN APPROVED BY THE OBR
55 MASTER SERVICER AND HAS NOT BEEN SATISFIED.
S. 3941 3
1 13. "OBR PARTNER" MEANS A PERSON OR ENTITY PROVIDING FINANCING FOR
2 QUALIFIED CLEAN ENERGY IMPROVEMENTS PURSUANT TO THE COMMERCIAL ON-BILL
3 REPAYMENT PROGRAM WHICH ENTERS INTO AN OBR MASTER SERVICER AGREEMENT.
4 OBR PARTNERS MAY INCLUDE, BUT ARE NOT LIMITED TO, BANKS, SAVINGS AND
5 LOAN INSTITUTIONS, CREDIT UNIONS, PROJECT DEVELOPERS, OR ENERGY SERVICE
6 COMPANIES. FINANCING MAY BE PROVIDED IN THE FORM OF A LOAN, LEASE, POWER
7 PURCHASE AGREEMENT, ENERGY SERVICE AGREEMENT, OR OTHER FINANCING STRUC-
8 TURE APPROVED BY THE AUTHORITY.
9 14. "ON-BILL REPAYMENT CHARGE" MEANS A CHARGE, CONSTITUTING REPAYMENT
10 OF ALL OR A PORTION OF ANY OBR OBLIGATION, THAT IS INCLUDED ON A UTILITY
11 BILL.
12 15. "PROGRAM" MEANS THE COMMERCIAL ON-BILL REPAYMENT PROGRAM CREATED
13 BY THIS TITLE.
14 16. "QUALIFIED CLEAN ENERGY IMPROVEMENTS" MEANS IMPROVEMENTS, INCLUD-
15 ING CLEAN ENERGY RESOURCES SUCH AS ENERGY EFFICIENCY, RENEWABLE ENERGY,
16 COMBINED HEAT AND POWER, DEMAND RESPONSE, AND ANY OTHER LOW-CARBON ENER-
17 GY TECHNOLOGY REASONABLY DESIGNATED BY THE AUTHORITY, THAT ARE PERMA-
18 NENTLY AFFIXED TO REAL PROPERTY AND MEET COST EFFECTIVENESS STANDARDS
19 ESTABLISHED BY THE AUTHORITY.
20 17. "RESIDENTIAL STRUCTURE" MEANS A RESIDENTIAL STRUCTURE AS SUCH TERM
21 IS DEFINED IN SECTION EIGHTEEN HUNDRED NINETY-ONE OF THIS ARTICLE.
22 S 1902. PURPOSE. THERE IS HEREBY CREATED A COMMERCIAL ON-BILL REPAY-
23 MENT PROGRAM. THE PURPOSE OF THE PROGRAM IS TO:
24 1. PROMOTE ENERGY EFFICIENCY, ENERGY CONSERVATION AND THE INSTALLATION
25 OF CLEAN ENERGY TECHNOLOGIES;
26 2. REDUCE ENERGY CONSUMPTION AND ENERGY COSTS;
27 3. REDUCE GREENHOUSE GAS EMISSIONS;
28 4. CREATE GREEN JOB OPPORTUNITIES; AND
29 5. PROMULGATE A REPLICABLE, SCALABLE APPROACH TO FINANCING CLEAN ENER-
30 GY PROJECTS FOR THE PURPOSE OF ANIMATING THE MARKET FOR SUCH PROJECTS
31 AND ACCELERATING THE FLOW OF CAPITAL INTO SUCH PROJECTS.
32 S 1903. ADMINISTRATION BY THE AUTHORITY. WITHIN THREE HUNDRED DAYS OF
33 THE EFFECTIVE DATE OF THIS TITLE, THE AUTHORITY IS HEREBY AUTHORIZED AND
34 DIRECTED TO ESTABLISH AND ADMINISTER THE COMMERCIAL ON-BILL REPAYMENT
35 PROGRAM. THE AUTHORITY SHALL IMPLEMENT THE PROGRAM IN CONSULTATION WITH
36 THE DEPARTMENT OF PUBLIC SERVICE, THE POWER AUTHORITY OF THE STATE OF
37 NEW YORK, THE LONG ISLAND POWER AUTHORITY, THE DEPARTMENT OF ECONOMIC
38 DEVELOPMENT AND THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION.
39 S 1904. COMMERCIAL ON-BILL REPAYMENT PROGRAM. 1. (A) THERE IS HEREBY
40 CREATED A COMMERCIAL ON-BILL REPAYMENT PROGRAM.
41 (B) IN ADMINISTERING SUCH PROGRAM, THE AUTHORITY IS AUTHORIZED AND
42 DIRECTED TO:
43 (I) ENTER INTO CONTRACTS WITH ONE OR MORE PROGRAM IMPLEMENTERS TO
44 PERFORM SUCH FUNCTIONS AS THE AUTHORITY DEEMS APPROPRIATE;
45 (II) RETAIN THE SERVICES OF A MASTER SERVICER;
46 (III) DEVELOP, IN CONSULTATION WITH THE DISTRIBUTION UTILITIES AND THE
47 DEPARTMENT OF PUBLIC SERVICE, AN OBR MASTER SERVICER AGREEMENT THAT
48 INCLUDES, BUT IS NOT LIMITED TO, PROVISIONS REGARDING THE FOLLOWING:
49 (1) PROTOCOLS FOR COMMUNICATION BETWEEN AND AMONG THE OBR PARTNERS,
50 THE DISTRIBUTION UTILITIES AND THE OBR MASTER SERVICER;
51 (2) APPROVAL BY THE MASTER SERVICER OF OBR AGREEMENTS, UPON SUBMISSION
52 OF CONFORMING AGREEMENTS BY OBR PARTNERS ALONG WITH CERTIFICATION BY A
53 LICENSED ENGINEER THAT THE WORK SCOPE FINANCED UNDER THE OBR AGREEMENT
54 CONFORMS WITH STANDARDS SET BY THE AUTHORITY AND THAT THE WORK WAS
55 COMPLETED AND CERTIFICATION BY THE OBR PARTNER THAT THE NOTICE REQUIRED
S. 3941 4
1 BY PARAGRAPH (B) OF SUBDIVISION TWO OF THIS SECTION WAS DELIVERED TO THE
2 APPLICANT;
3 (3) BILLING AND COLLECTION OF ON-BILL REPAYMENT CHARGES BY THE
4 DISTRIBUTION UTILITIES AND PAYMENT OF SUCH CHARGES TO THE OBR PARTNERS;
5 (4) DEFAULTS IN PAYMENT BY APPLICANTS;
6 (5) HANDLING OF DISPUTES AND COMPLAINTS BY PARTICIPANTS IN THE COMMER-
7 CIAL OBR PROGRAM, PROVIDED THAT WITH RESPECT TO DISPUTES AND COMPLAINTS
8 INVOLVING OBR OBLIGATIONS RELATING TO ELIGIBLE STRUCTURES OTHER THAN
9 COMMERCIAL STRUCTURES, THE AUTHORITY SHALL BE RESPONSIBLE FOR RESOLVING
10 SUCH COMPLAINTS AND DISPUTES, AND THAT WITH RESPECT TO DISPUTES AND
11 COMPLAINTS INVOLVING OBR OBLIGATIONS RELATING TO COMMERCIAL STRUCTURES,
12 SUCH MATTERS SHALL BE ADDRESSED THROUGH BINDING ARBITRATION.
13 (6) PAYMENT OF A FEE BY THE OBR PARTNER WITHIN THIRTY DAYS OF INITI-
14 ATION OF AN ON-BILL REPAYMENT CHARGE OF ONE HUNDRED DOLLARS PER OBR
15 OBLIGATION TO THE DISTRIBUTION UTILITY IN WHOSE SERVICE TERRITORY SUCH
16 CUSTOMER IS LOCATED TO HELP DEFRAY THE COSTS THAT ARE DIRECTLY ASSOCI-
17 ATED WITH IMPLEMENTING THE PROGRAM;
18 (7) PAYMENT OF A FEE BY THE OBR PARTNER WITHIN THIRTY DAYS OF THE
19 INITIATION OF THE ON-BILL REPAYMENT CHARGE TO THE AUTHORITY TO HELP
20 DEFRAY THE COSTS THAT ARE DIRECTLY ASSOCIATED WITH THE PROGRAM;
21 (8) PAYMENT OF A FEE BY THE OBR PARTNER WITHIN THIRTY DAYS OF INITI-
22 ATION OF THE ON-BILL REPAYMENT CHARGE OF ONE QUARTER OF ONE PERCENT OF
23 THE AMOUNT OF THE OBR OBLIGATION TO THE DISTRIBUTION UTILITY IN WHOSE
24 SERVICE TERRITORY SUCH CUSTOMER IS LOCATED TO HELP DEFRAY THE COSTS THAT
25 ARE DIRECTLY ASSOCIATED WITH THE PROGRAM;
26 (9) PAYMENT OF A FEE BY THE OBR PARTNER TO THE MASTER SERVICER AS
27 REQUIRED BY THE AGREEMENT BETWEEN THE AUTHORITY AND THE MASTER SERVICER;
28 AND
29 (10) PAYMENT OF A FEE BY THE OBR PARTNER TO THE MASTER SERVICER AS
30 REQUIRED BY THE AGREEMENT BETWEEN THE AUTHORITY AND THE MASTER SERVICER
31 FOR FEES ASSOCIATED WITH RECORDING THE DECLARATION AND SATISFACTION OF
32 THE OBR OBLIGATION.
33 (IV) ESTABLISH GUIDANCE CONCERNING QUALIFIED CLEAN ENERGY IMPROVE-
34 MENTS;
35 (V) ESTABLISH COST EFFECTIVENESS STANDARDS FOR SUCH IMPROVEMENTS. THE
36 COST-EFFECTIVENESS OF AN ELIGIBLE PROJECT SHALL BE EVALUATED SOLELY ON
37 THE BASIS OF THE COSTS AND PROJECTED SAVINGS TO THE APPLYING CUSTOMER OR
38 SUCH OTHER PARTY AS MAY STEP INTO THE SHOES OF THE APPLYING CUSTOMER,
39 USING AN ENGINEERING PROCESS THAT INCORPORATES BEST PRACTICES AS DETER-
40 MINED BY THE AUTHORITY FOR (1) STANDARD BASELINING, INCLUDING PRIOR
41 BILLING DATA AND USAGE PATTERNS, (2) SAVINGS PROJECTIONS, (3) DESIGN,
42 CONSTRUCTION AND COMMISSIONING, (4) OPERATIONS, MAINTENANCE AND MONITOR-
43 ING, AND (5) MEASUREMENT AND VERIFICATION; PROVIDED HOWEVER THAT BASED
44 UPON THE MOST RECENT CUSTOMER DATA AVAILABLE, ON AN ANNUALIZED BASIS,
45 THE MONTHLY ON-BILL REPAYMENT AMOUNT FOR A PACKAGE OF MEASURES SHALL NOT
46 EXCEED ONE-TWELFTH OF THE SAVINGS PROJECTED TO RESULT FROM THE INSTALLA-
47 TION OF THE MEASURES PROVIDED FURTHER THAT NOTHING HEREIN SHALL BE
48 CONSTRUED TO PROHIBIT OR PREVENT CUSTOMERS WHOSE PRIMARY HEATING ENERGY
49 SOURCE IS FROM DELIVERABLE FUELS FROM PARTICIPATING IN THE PROGRAM; AND
50 (VI) ESTABLISH REQUIREMENTS FOR ONGOING DISCLOSURE TO THE AUTHORITY OF
51 (A) SELECTED DATA CONCERNING THE ENERGY, ENVIRONMENTAL AND FINANCIAL
52 OUTCOMES OF QUALIFIED ENERGY PROJECTS IMPLEMENTED WITH FINANCING
53 PROVIDED THROUGH THE COMMERCIAL OBR PROGRAM AND (B) ALL INFORMATION THAT
54 THE AUTHORITY SHALL BE REQUIRED TO INCLUDE IN ITS ANNUAL REPORT TO THE
55 GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE
56 ASSEMBLY, THE MINORITY LEADER OF THE SENATE AND THE MINORITY LEADER OF
S. 3941 5
1 THE ASSEMBLY CONCERNING THE AUTHORITY'S ACTIVITIES RELATED TO THE
2 COMMERCIAL ON-BILL REPAYMENT PROGRAM AS SET FORTH IN SECTION NINETEEN
3 HUNDRED SEVEN OF THIS TITLE; AND
4 (VII) EXERCISE SUCH OTHER POWERS AS ARE NECESSARY OR CONVENIENT FOR
5 THE PROPER ADMINISTRATION OF THE PROGRAM, INCLUDING, AT THE DISCRETION
6 OF THE AUTHORITY, ENTERING INTO AGREEMENTS WITH APPLICANTS AND WITH SUCH
7 STATE OR FEDERAL AGENCIES AS NECESSARY TO DIRECTLY RECEIVE REBATES AND
8 GRANTS AVAILABLE FOR ELIGIBLE PROJECTS AND APPLY SUCH FUNDS TO REPAYMENT
9 OF APPLICANT OBR OBLIGATIONS.
10 2. (A) APPLICANTS SEEKING TO PARTICIPATE IN THE COMMERCIAL OBR PROGRAM
11 SHALL ARRANGE TO OBTAIN, FROM OBR PARTNERS, FINANCING FOR QUALIFIED
12 CLEAN ENERGY IMPROVEMENTS. EACH OBR PARTNER SHALL ESTABLISH ITS OWN
13 CREDIT STANDARDS FOR SUCH FINANCING; AND THE AUTHORITY SHALL ESTABLISH A
14 PROCESS FOR RECEIPT AND RESOLUTION OF CUSTOMER COMPLAINTS CONCERNING
15 ON-BILL REPAYMENT CHARGES ARISING FROM OBR OBLIGATIONS RELATING TO
16 ELIGIBLE STRUCTURES OTHER THAN COMMERCIAL STRUCTURES AND FOR ADDRESSING
17 DELAYS AND DEFAULTS IN CUSTOMER PAYMENTS WITH RESPECT TO SUCH OBR OBLI-
18 GATIONS.
19 (B) PRIOR TO THE APPROVAL BY THE AUTHORITY OF EACH OBR AGREEMENT
20 ENTERED INTO BY AN APPLICANT PURSUANT TO THIS SECTION, THE OBR PARTNER
21 SHALL CAUSE TO BE PROVIDED TO EACH APPLICANT PROPOSING TO INCUR SUCH OBR
22 OBLIGATION A NOTICE STATING, IN CLEAR AND CONSPICUOUS TERMS:
23 (I) THE FINANCIAL AND LEGAL OBLIGATIONS AND RISKS OF PUTTING IN PLACE
24 THE OBR OBLIGATION, INCLUDING THE OBLIGATION TO PROVIDE OR CONSENT TO
25 THE CUSTOMER'S UTILITY PROVIDING THE AUTHORITY INFORMATION ON THE SOURC-
26 ES AND QUANTITIES OF ENERGY USED IN THE CUSTOMER'S PREMISES AND ANY
27 IMPROVEMENTS OR MODIFICATIONS TO THE PREMISES, USE OF THE PREMISES OR
28 ENERGY CONSUMING APPLIANCES OR EQUIPMENT OF ANY TYPE THAT MAY SIGNIF-
29 ICANTLY AFFECT ENERGY USAGE;
30 (II) THAT THE ON-BILL REPAYMENT CHARGE WILL BE BILLED BY SUCH CUSTOM-
31 ER'S UTILITY COMPANY AND THAT FAILURE TO PAY SUCH ON-BILL REPAYMENT
32 CHARGE MAY RESULT IN THE CUSTOMER HAVING HIS OR HER ELECTRICITY AND/OR
33 GAS SERVICE TERMINATED FOR NON-PAYMENT;
34 (III) THAT PERFORMANCE OF THE QUALIFIED CLEAN ENERGY IMPROVEMENTS MAY
35 NOT RESULT IN LOWER MONTHLY ENERGY COSTS OVER TIME, BASED ON ADDITIONAL
36 FACTORS THAT CONTRIBUTE TO MONTHLY ENERGY COSTS; AND
37 (IV) (1) IN THE CASE OF OBR OBLIGATIONS RELATING TO ELIGIBLE PROJECTS
38 PERFORMED ON ELIGIBLE STRUCTURES OTHER THAN COMMERCIAL STRUCTURES, THAT
39 IT IS THE SOLE RESPONSIBILITY OF THE AUTHORITY TO HANDLE CONSUMER
40 INQUIRIES AND COMPLAINTS RELATED TO THE OPERATION AND LENDING ASSOCIATED
41 WITH THE PROGRAM, PROVIDED FURTHER THAT THE AUTHORITY SHALL PROVIDE A
42 MECHANISM TO RECEIVE SUCH CONSUMER INQUIRIES AND COMPLAINTS.
43 (2) IN THE CASE OF OBR OBLIGATIONS RELATING TO ELIGIBLE PROJECTS
44 PERFORMED ON COMMERCIAL STRUCTURES, THAT ALL DISPUTES RELATED TO THE
45 OPERATION AND FINANCING ASSOCIATED WITH THE PROGRAM SHALL BE SUBJECT TO
46 ARBITRATION, AS PROVIDED IN THE OBR MASTER AGREEMENT.
47 3. THE AUTHORITY SHALL MAKE AVAILABLE TO THE PUBLIC, ON AN ANONYMIZED
48 BASIS, SELECTED DATA CONCERNING THE ENERGY, ENVIRONMENTAL AND FINANCIAL
49 OUTCOMES OF QUALIFIED ENERGY PROJECTS IMPLEMENTED WITH FINANCING
50 PROVIDED THROUGH THE COMMERCIAL OBR PROGRAM.
51 4. (A) FOR EACH OBR OBLIGATION THAT IS APPROVED BY THE AUTHORITY, THE
52 NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL RECORD OR
53 CAUSE TO BE RECORDED, PURSUANT TO ARTICLE NINE OF THE REAL PROPERTY LAW,
54 IN THE OFFICE OF THE APPROPRIATE RECORDING OFFICER, A DECLARATION WITH
55 RESPECT TO THE PROPERTY IMPROVED BY SUCH SERVICES OF THE EXISTENCE OF
56 THE OBR OBLIGATION AND STATING THE TOTAL AMOUNT OF THE OBR OBLIGATION,
S. 3941 6
1 THE TERM OF THE OBR OBLIGATION, AND THAT THE OBR OBLIGATION IS BEING
2 REPAID THROUGH A CHARGE ON AN ELECTRIC OR GAS METER ASSOCIATED WITH THE
3 PROPERTY. THE DECLARATION SHALL FURTHER STATE THAT IT IS BEING FILED
4 PURSUANT TO THIS SECTION AND, UNLESS FULLY SATISFIED PRIOR TO SALE OR
5 TRANSFER OF THE PROPERTY, THE OBR OBLIGATION SHALL SURVIVE CHANGES IN
6 OWNERSHIP, TENANCY, OR METER ACCOUNT RESPONSIBILITY AND, UNTIL FULLY
7 SATISFIED, SHALL CONSTITUTE THE OBLIGATION OF THE PERSON RESPONSIBLE FOR
8 THE METER ACCOUNT. SUCH DECLARATION SHALL NOT CONSTITUTE A MORTGAGE AND
9 SHALL NOT CREATE ANY SECURITY INTEREST OR LIEN ON THE PROPERTY. UPON
10 SATISFACTION OF THE OBR OBLIGATION, THE AUTHORITY SHALL FILE A DECLARA-
11 TION OF REPAYMENT PURSUANT TO ARTICLE NINE OF THE REAL PROPERTY LAW.
12 (B) THE RECORDING OFFICER SHALL RECORD SUCH DECLARATIONS IN THE SAME
13 BOOK, PROVIDED UNDER SECTION THREE HUNDRED FIFTEEN OF THE REAL PROPERTY
14 LAW, IN WHICH SUCH RECORDING OFFICER RECORDS DEEDS.
15 S 1905. ADVISORY COUNCIL. 1. THE AUTHORITY SHALL ESTABLISH A COMMER-
16 CIAL ON-BILL REPAYMENT ADVISORY COUNCIL TO ADVISE THE AUTHORITY ON THE
17 CREATION AND IMPLEMENTATION OF THE PROGRAM. THE COUNCIL SHALL CONSIST
18 OF:
19 (A) THE PRESIDENT OF THE AUTHORITY; THE SECRETARY OF STATE; THE CHAIR
20 OF THE DEPARTMENT OF PUBLIC SERVICE; THE PRESIDENT OF THE POWER AUTHORI-
21 TY OF THE STATE OF NEW YORK; THE PRESIDENT OF THE LONG ISLAND POWER
22 AUTHORITY; THE COMMISSIONER OF ECONOMIC DEVELOPMENT; THE COMMISSIONER OF
23 ENVIRONMENTAL CONSERVATION; OR THE DESIGNEES OF SUCH PERSONS; AND
24 (B) UNIONS, INCLUDING BUILDING TRADES AND PROPERTY SERVICES;
25 LARGE-SCALE CONSTRUCTION CONTRACTORS; INVESTMENT MARKET EXPERTS; FINAN-
26 CIAL MARKET EXPERTS; ENVIRONMENTAL NON-GOVERNMENTAL ORGANIZATIONS; AND
27 REAL ESTATE EXPERTS.
28 2. THE PRESIDENT OF THE AUTHORITY SHALL SERVE AS THE CHAIR OF THE
29 COUNCIL.
30 S 1906. ANNUAL REPORTING. 1. NO LATER THAN OCTOBER FIRST, TWO THOU-
31 SAND SIXTEEN AND OCTOBER FIRST OF EACH YEAR THEREAFTER, THE PRESIDENT OF
32 THE AUTHORITY SHALL ISSUE AN ANNUAL REPORT TO THE GOVERNOR, THE TEMPO-
33 RARY PRESIDENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY
34 LEADER OF THE SENATE AND THE MINORITY LEADER OF THE ASSEMBLY CONCERNING
35 THE AUTHORITY'S ACTIVITIES RELATED TO THE COMMERCIAL ON-BILL REPAYMENT
36 PROGRAM CREATED PURSUANT TO THIS TITLE. SUCH REPORT SHALL INCLUDE, BUT
37 NOT BE LIMITED TO THE FOLLOWING INFORMATION:
38 2. THE STATUS OF THE AUTHORITY'S ACTIVITIES AND OUTCOMES RELATED TO
39 SECTION NINETEEN HUNDRED FOUR OF THIS TITLE. SUCH REPORT SHALL INCLUDE,
40 BUT NOT BE LIMITED TO:
41 (A) THE NUMBER OF PERSONS WHO HAVE APPLIED FOR OBR OBLIGATIONS TO BE
42 ESTABLISHED THROUGH THE PROGRAM;
43 (B) THE NUMBER OF OBR OBLIGATIONS IN DEFAULT;
44 (C) THE AMOUNT AND NATURE OF THE COSTS INCURRED BY THE AUTHORITY FOR
45 THE ACTIVITIES DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION
46 NINETEEN HUNDRED FOUR OF THIS TITLE;
47 (D) THE AUTHORITY'S ACTIVITIES AND OUTCOMES RELATED TO ESTABLISHING
48 THE COMMERCIAL ON-BILL REPAYMENT MECHANISM, INCLUDING THE NUMBER OF
49 PERSONS WHO HAVE APPLIED THE OPPORTUNITY TO UTILIZE ON-BILL REPAYMENT
50 AND THE RESULTS OF THE EVALUATION PROGRAM PERFORMED PURSUANT TO SUBDIVI-
51 SION THREE OF SECTION NINETEEN HUNDRED FOUR OF THIS TITLE;
52 (E) THE AMOUNT EXPENDED BY THE AUTHORITY IN SUPPORT OF THE PROGRAM AND
53 THE PURPOSES FOR WHICH SUCH FUNDS HAVE BEEN EXPENDED;
54 (F) THE NUMBER OF CUSTOMERS PARTICIPATING IN THE PROGRAM AND THE
55 AMOUNTS FINANCED PURSUANT TO OBR AGREEMENTS WITH RESPECT TO WHICH OBR
56 OBLIGATIONS HAVE BEEN ESTABLISHED;
S. 3941 7
1 (G) THE NUMBER OF PROGRAM PARTICIPANTS WHO ARE IN ARREARS IN THEIR
2 UTILITY ACCOUNTS FOR ELECTRIC AND/OR GAS SERVICE;
3 (H) THE NUMBER OF PROGRAM PARTICIPANTS WHO ARE IN ARREARS IN THEIR
4 ON-BILL REPAYMENT CHARGE PAYMENTS;
5 (I) THE NUMBER OF PROGRAM PARTICIPANTS WHOSE UTILITY SERVICE HAS BEEN
6 TERMINATED FOR NON-PAYMENT;
7 (J) A DESCRIPTION OF THE GEOGRAPHIC DISTRIBUTION OF OBR OBLIGATIONS
8 MADE;
9 (K) AN ESTIMATE OF THE ENERGY SAVINGS RESULTING FROM THIS PROGRAM; AND
10 (L) AN ESTIMATE OF THE AVERAGE PROJECT COST.
11 S 1907. FUNDS, ADMINISTRATION AND EVALUATION AND COORDINATION. THE
12 AUTHORITY IS AUTHORIZED TO ACCEPT, AS AGENT OF THE STATE, ANY GIFT,
13 GRANT, DEVISE OR BEQUEST, WHETHER CONDITIONAL OR UNCONDITIONAL, INCLUD-
14 ING BUT NOT LIMITED TO FEDERAL GRANTS, AND TO USE MONIES MADE AVAILABLE
15 FOR THE PROGRAM FROM ANY PUBLIC OR PRIVATE SOURCE, FOR THE PURPOSE OF
16 ADMINISTERING AND EVALUATING THE EFFECTIVENESS OF THE PROGRAM.
17 S 3. Subdivision 4 of section 1855 of the public authorities law, as
18 amended by chapter 487 of the laws of 2009, is amended to read as
19 follows:
20 4. To make rules and regulations governing the exercise of its corpo-
21 rate powers and the fulfillment of its corporate purposes under this
22 title [and title] AND TITLES nine-A AND NINE-B of this article, which
23 shall be filed with the department of state in the manner provided by
24 section one hundred two of the executive law.
25 S 4. Paragraph (h) of subdivision 2 of section 18-a of the public
26 service law, as amended by section 2 of part A of chapter 173 of the
27 laws of 2013, is amended to read as follows:
28 (h) On-bill recovery charges billed pursuant to section sixty-six-m of
29 this chapter AND ON-BILL REPAYMENT CHARGES BILLED PURSUANT TO SECTION
30 SIXTY-SIX-O OF THIS CHAPTER shall be excluded from any determination of
31 an entity's gross operating revenues derived from intrastate utility
32 operations for purposes of this section.
33 S 5. Paragraph (d) of subdivision 6 of section 65 of the public
34 service law, as amended by chapter 388 of the laws of 2011, is amended
35 to read as follows:
36 (d) for installation of capital improvements and fixtures to promote
37 energy efficiency upon the request and consent of the customer, includ-
38 ing but not limited (I) to the performance of qualified energy efficien-
39 cy services for customers participating in green jobs-green New York
40 on-bill recovery pursuant to section sixty-six-m of this article; OR
41 (II) THE PERFORMANCE OF QUALIFIED ENERGY CLEAN ENERGY IMPROVEMENTS FOR
42 CUSTOMERS PARTICIPATING IN THE COMMERCIAL ON-BILL REPAYMENT PROGRAM
43 PURSUANT TO SECTION SIXTY-SIX-O OF THIS ARTICLE.
44 S 6. The public service law is amended by adding a new section 66-o to
45 read as follows:
46 S 66-O. COMMERCIAL ON-BILL REPAYMENT PROGRAM. 1. (A) THE COMMISSION
47 SHALL, WITHIN FORTY-FIVE DAYS OF THE EFFECTIVE DATE OF THIS SECTION,
48 COMMENCE A PROCEEDING TO INVESTIGATE THE IMPLEMENTATION BY EACH COMBINA-
49 TION ELECTRIC AND GAS CORPORATION HAVING ANNUAL REVENUES IN EXCESS OF
50 TWO HUNDRED MILLION DOLLARS OF A BILLING AND COLLECTION SERVICE FOR
51 ON-BILL REPAYMENT CHARGES IN PAYMENT OF OBLIGATIONS OF ITS CUSTOMERS
52 PURSUANT TO THE COMMERCIAL ON-BILL REPAYMENT PROGRAM ESTABLISHED PURSU-
53 ANT TO TITLE NINE-B OF ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW AND,
54 WITHIN ONE HUNDRED FIFTY DAYS OF THE EFFECTIVE DATE OF THIS SECTION, THE
55 COMMISSION SHALL MAKE A DETERMINATION ESTABLISHING THE BILLING AND
56 COLLECTION PROCEDURES FOR SUCH ON-BILL REPAYMENT CHARGES. THE DEPARTMENT
S. 3941 8
1 SHALL CONSULT WITH THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT
2 AUTHORITY IN THE PREPARATION OF ITS RECOMMENDATIONS TO THE COMMISSION
3 FOR SUCH DETERMINATION. THE COMMISSION SHALL REQUIRE SUCH ELECTRIC AND
4 GAS CORPORATIONS TO OFFER BILLING AND COLLECTION SERVICES FOR COMMERCIAL
5 ON-BILL REPAYMENT CHARGES FOR ELIGIBLE CUSTOMERS WITHIN THREE HUNDRED
6 DAYS OF THE EFFECTIVE DATE OF THIS SECTION. TO THE EXTENT PRACTICABLE,
7 SUCH ELECTRIC AND GAS CORPORATIONS SHALL UTILIZE EXISTING ELECTRONIC
8 DATA INTERCHANGE INFRASTRUCTURE OR OTHER EXISTING BILLING INFRASTRUCTURE
9 TO IMPLEMENT THEIR BILLING AND COLLECTION RESPONSIBILITIES UNDER THIS
10 SECTION.
11 (B) THE COMMISSION MAY SUSPEND SUCH AN ELECTRIC AND GAS CORPORATION'S
12 PARTICIPATION IN THE COMMERCIAL ON-BILL REPAYMENT PROGRAM PROVIDED THAT
13 THE COMMISSION, AFTER CONDUCTING A HEARING AS PROVIDED IN SECTION TWENTY
14 OF THIS CHAPTER, MAKES A FINDING THAT THERE IS A SIGNIFICANT INCREASE IN
15 ARREARS OR UTILITY SERVICE DISCONNECTIONS THAT THE COMMISSION DETERMINES
16 IS DIRECTLY RELATED TO ON-BILL REPAYMENT CHARGES, OR A FINDING OF OTHER
17 GOOD CAUSE. ANY SUSPENSION PURSUANT TO THIS SUBDIVISION SHALL NOT AFFECT
18 SUCH ELECTRIC AND GAS CORPORATION'S OBLIGATIONS WITH RESPECT TO ANY
19 EXISTING OBR OBLIGATIONS OUTSTANDING AT THE TIME OF SUCH SUSPENSION,
20 INCLUDING THE CONTINUED COLLECTION OF ALL ON-BILL REPAYMENT CHARGES
21 RELATED THERETO.
22 (C) THE ON-BILL REPAYMENT CHARGE SHALL BE COLLECTED ON THE BILL FROM
23 THE CUSTOMER'S ELECTRIC CORPORATION UNLESS THE QUALIFIED CLEAN ENERGY
24 IMPROVEMENTS AT THAT CUSTOMER'S PREMISES RESULT IN MORE PROJECTED ENERGY
25 SAVINGS ON THE CUSTOMER'S GAS BILL THAN THE ELECTRIC BILL, IN WHICH CASE
26 SUCH CHARGE SHALL BE COLLECTED ON THE CUSTOMER'S GAS CORPORATION BILL.
27 2. SCHEDULES FOR THE COLLECTION AND BILLING OF ON-BILL REPAYMENT
28 CHARGES SHALL PROVIDE:
29 (A) THAT BILLING AND COLLECTION SERVICES SHALL BE AVAILABLE TO ALL
30 CUSTOMERS WHO HAVE MET THE STANDARDS ESTABLISHED BY THE NEW YORK STATE
31 ENERGY RESEARCH AND DEVELOPMENT AUTHORITY FOR PARTICIPATION IN THE
32 COMMERCIAL ON-BILL REPAYMENT PROGRAM AND HAVE EXECUTED AN OBR AGREEMENT
33 FOR THE PERFORMANCE OF QUALIFIED CLEAN ENERGY IMPROVEMENTS UNDER SUCH
34 PROGRAM AND HAVE ESTABLISHED AN OBR OBLIGATION PURSUANT TO SECTION NINE-
35 TEEN HUNDRED FOUR OF THE PUBLIC AUTHORITIES LAW;
36 (B) THAT THE RESPONSIBILITIES OF SUCH ELECTRIC AND GAS CORPORATION ARE
37 LIMITED TO PROVIDING BILLING AND COLLECTION SERVICES FOR ON-BILL REPAY-
38 MENT CHARGES AS DIRECTED BY THE AUTHORITY;
39 (C) UNLESS FULLY SATISFIED PRIOR TO SALE OR TRANSFER, THAT (I) THE
40 ON-BILL REPAYMENT CHARGES FOR ANY SERVICES PROVIDED AT THE CUSTOMER'S
41 PREMISES SHALL SURVIVE CHANGES IN OWNERSHIP, TENANCY OR METER ACCOUNT
42 RESPONSIBILITY, AND (II) THAT ARREARS IN ON-BILL REPAYMENT CHARGES AT
43 THE TIME OF ACCOUNT CLOSURE OR METER TRANSFER SHALL REMAIN THE RESPONSI-
44 BILITY OF THE INCURRING CUSTOMER, UNLESS EXPRESSLY ASSUMED BY A SUBSE-
45 QUENT PURCHASER OF THE PROPERTY SUBJECT TO SUCH CHARGES;
46 (D) WITH RESPECT TO A CUSTOMER ACCOUNT WITH AN ELECTRIC AND GAS CORPO-
47 RATION THAT HAS BEEN CLOSED AND IN WHICH ARREARAGES EXIST, INCLUDING AN
48 ARREARAGE WITH RESPECT TO AN ON-BILL REPAYMENT CHARGE, THE COMMISSION
49 MAY ADOPT RULES PROVIDING THAT AFTER A PERIOD OF TIME TO BE DETERMINED
50 BY THE COMMISSION, THE SHARE OF TOTAL ARREARAGE THAT IS ATTRIBUTABLE TO
51 THE ON-BILL REPAYMENT CHARGE MAY BE DEEMED, AS OF A DATE CERTAIN, TO BE
52 AN OBLIGATION OWED DIRECTLY TO THE OBR PARTNER AND NOT TO THE ELECTRIC
53 AND GAS CORPORATION;
54 (E) WITH RESPECT TO A CUSTOMER REMITTING LESS THAN THE TOTAL AMOUNT
55 DUE FOR ELECTRIC AND/OR GAS SERVICES AND ON-BILL REPAYMENT CHARGES, THE
56 AUTHORITY MAY REQUIRE THAT PAYMENTS BE ALLOCATED TO THE UTILITY AND THE
S. 3941 9
1 OBR PARTNER IN ACCORDANCE WITH A WATERFALL, SUCH WATERFALL TO BE
2 DESIGNED WITH AN OBJECTIVE OF NOT INCREASING UTILITY BAD DEBT EXPENSE,
3 WITH PRIORITY IN THE WATERFALL BEING GIVEN TO PAST-DUE AMOUNTS IN
4 ACCORDANCE WITH THE BILLING PERIOD DURING WHICH ANY SUCH AMOUNTS WERE
5 ACCRUED, WITH NO ALLOCATIONS OF ARREARAGES OR CURRENT CHARGES BEING MADE
6 TO EITHER THE UTILITY OR THE OBR PARTNER WHILE ARREARAGES OF EITHER TYPE
7 FROM ANY EARLIER BILLING PERIOD REMAIN OUTSTANDING, AND, WITH RESPECT TO
8 CHARGES THAT ACCRUED DURING THE SAME BILLING PERIOD, ALLOCATIONS TO THE
9 UTILITY IN RESPECT OF ANY NON-OBR CHARGES IN ALL CASES BEING MADE AHEAD
10 OF ALLOCATIONS TO THE OBR PARTNER FOR ANY OBR CHARGES;
11 (F) BILLING AND COLLECTION SERVICES SHALL BE AVAILABLE WITHOUT REGARD
12 TO WHETHER THE ENERGY OR FUEL DELIVERED BY THE UTILITY IS THE CUSTOMER'S
13 PRIMARY ENERGY SOURCE;
14 (G) UNLESS OTHERWISE PRECLUDED BY LAW, PARTICIPATION IN THE COMMERCIAL
15 ON-BILL REPAYMENT PROGRAM SHALL NOT AFFECT A CUSTOMER'S ELIGIBILITY FOR
16 ANY REBATE OR INCENTIVE OFFERED BY A UTILITY OR THE NEW YORK STATE ENER-
17 GY RESEARCH AND DEVELOPMENT AUTHORITY; AND
18 (H) ANY OTHER PROVISIONS NECESSARY TO PROVIDE FOR THE BILLING AND
19 COLLECTION OF ON-BILL REPAYMENT CHARGES.
20 S 7. Sections 1020-ii, 1020-jj and 1020-kk of the public authorities
21 law, as renumbered by chapter 388 of the laws of 2011, are renumbered
22 sections 1020-jj, 1020-kk and 1020-ll and a new section 1020-ii is added
23 to read as follows:
24 S 1020-II. COMMERCIAL ON-BILL REPAYMENT. 1. WITHIN THREE HUNDRED DAYS
25 OF THE EFFECTIVE DATE OF THIS SECTION, THE AUTHORITY SHALL ESTABLISH A
26 PROGRAM TO PROVIDE FOR THE BILLING AND COLLECTION OF ON-BILL REPAYMENT
27 CHARGES FOR PAYMENT OF OBLIGATIONS OF ITS CUSTOMERS TO THE COMMERCIAL
28 ON-BILL REPAYMENT PROGRAM ESTABLISHED PURSUANT TO TITLE NINE-B OF ARTI-
29 CLE EIGHT OF THIS CHAPTER. SUCH PROGRAM SHALL BE CONSISTENT WITH THE
30 STANDARDS SET FORTH IN SECTION SIXTY-SIX-O OF THE PUBLIC SERVICE LAW.
31 BILLING AND COLLECTION SERVICES UNDER SUCH TARIFFS SHALL COMMENCE AS
32 SOON AS PRACTICABLE AFTER ESTABLISHMENT OF THE PROGRAM.
33 2. THE AUTHORITY MAY SUSPEND ITS OFFERING OF THE ON-BILL REPAYMENT
34 CHARGE PROVIDED THAT THE AUTHORITY MAKES A FINDING THAT THERE IS A
35 SIGNIFICANT INCREASE IN ARREARS OR UTILITY SERVICE DISCONNECTIONS THAT
36 THE AUTHORITY DETERMINES IS DIRECTLY RELATED TO SUCH CHARGE, OR A FIND-
37 ING OF OTHER GOOD CAUSE.
38 S 8. Section 242 of the real property law is amended by adding a new
39 subdivision 5 to read as follows:
40 5. DISCLOSURE PRIOR TO THE SALE OF REAL PROPERTY TO WHICH A COMMERCIAL
41 ON-BILL REPAYMENT CHARGE APPLIES. (A) ANY PERSON, FIRM, COMPANY, PART-
42 NERSHIP OR CORPORATION OFFERING TO SELL REAL PROPERTY WHICH IS SUBJECT
43 TO A COMMERCIAL ON-BILL REPAYMENT CHARGE PURSUANT TO TITLE NINE-B OF
44 ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW SHALL PROVIDE WRITTEN NOTICE
45 TO THE PROSPECTIVE PURCHASER OR THE PROSPECTIVE PURCHASER'S AGENT, STAT-
46 ING AS FOLLOWS: "THIS PROPERTY IS SUBJECT TO A COMMERCIAL ON-BILL REPAY-
47 MENT CHARGE". SUCH NOTICE SHALL ALSO INCLUDE, AS AN ATTACHMENT, THE OBR
48 AGREEMENT GOVERNING THE COMMERCIAL ON-BILL REPAYMENT OBLIGATION, INCLUD-
49 ING ANY MODIFICATIONS THERETO, A DESCRIPTION OF THE CLEAN ENERGY
50 IMPROVEMENTS PERFORMED, INCLUDING IMPROVEMENTS TO THE PROPERTY, AND AN
51 EXPLANATION OF THE BENEFIT OF THE COMMERCIAL ON-BILL REPAYMENT QUALIFIED
52 CLEAN ENERGY SERVICES. SUCH NOTICE SHALL BE PROVIDED BY THE SELLER PRIOR
53 TO ACCEPTING A PURCHASE OFFER.
54 (B) ANY PROSPECTIVE OR ACTUAL PURCHASER WHO HAS SUFFERED A LOSS DUE TO
55 A VIOLATION OF THIS SUBDIVISION IS ENTITLED TO RECOVER ANY ACTUAL
S. 3941 10
1 DAMAGES INCURRED FROM THE PERSON OFFERING TO SELL OR SELLING SAID REAL
2 PROPERTY.
3 S 9. Section 291-j of the real property law, as added by section 2 of
4 part DD of chapter 58 of the laws of 2012, is amended to read as
5 follows:
6 S 291-j. Recording of declarations by the New York state energy
7 research and development authority. 1. Pursuant to subdivision five of
8 section eighteen hundred ninety-six of the public authorities law, the
9 New York state energy research and development authority shall record or
10 cause to be recorded, in the office of the appropriate recording offi-
11 cer, a declaration evidencing the existence of a loan as described ther-
12 ein and, upon satisfaction of such loan, such authority shall file a
13 declaration of repayment and full satisfaction of the loan repayment
14 utility meter charge. The recording officer shall record such declara-
15 tions in the same book, provided under section three hundred fifteen of
16 the real property law, in which such recording officer records deeds.
17 2. PURSUANT TO SUBDIVISION FOUR OF SECTION NINETEEN HUNDRED FOUR OF
18 THE PUBLIC AUTHORITIES LAW, THE NEW YORK STATE ENERGY RESEARCH AND
19 DEVELOPMENT AUTHORITY SHALL RECORD OR CAUSE TO BE RECORDED, IN THE
20 OFFICE OF THE APPROPRIATE RECORDING OFFICER, A DECLARATION EVIDENCING
21 THE EXISTENCE OF AN OBR OBLIGATION AS DESCRIBED THEREIN AND, UPON SATIS-
22 FACTION OF SUCH OBR OBLIGATION, SUCH AUTHORITY SHALL FILE A DECLARATION
23 OF REPAYMENT AND FULL SATISFACTION OF THE OBR OBLIGATION. THE RECORDING
24 OFFICER SHALL RECORD SUCH DECLARATION IN THE SAME BOOK, PROVIDED UNDER
25 SECTION THREE HUNDRED FIFTEEN OF THIS ARTICLE, IN WHICH SUCH RECORDING
26 OFFICER RECORDS DEEDS.
27 S 10. This act shall take effect immediately.