§ 119-gg. Sustainable energy loan program. 1. The legislative body of
any municipal corporation may, by local law, establish a sustainable
energy loan program using federal grant assistance or federal credit
support or monies from the state of New York or any state authority as
defined by section two of the public authorities law available for this
purpose.

2. Such program may make loans to the owners of real property located
within the municipal corporation to finance the installation of
renewable energy systems and energy efficiency improvements, related
energy audits and renewable energy system feasibility studies, and the
verification of the installation of such systems and improvements. No
municipal corporation shall make such a loan to an owner of property
that has received a loan from another municipal corporation pursuant to
this article.

3. Each such local law establishing the sustainable energy loan
program shall provide for the criteria for making such loans and the
terms and conditions for repayment of such loans. The sustainable energy
loan program shall use such lists of cost effective energy efficiency
improvements for different building types as are approved by the
authority.

4. The municipal corporation shall verify and report on the
installation and performance of renewable energy systems and energy
efficiency improvements financed by the loan program in such form and
manner as the authority may establish.

5. Every loan made under the sustainable energy loan program shall be
repaid over a term not to exceed the weighted average of the useful life
of such systems and improvements as determined by the municipal
corporation. The municipal corporation shall set a fixed rate of
interest for the repayment of the principal amount of each loan at the
time the loan is made.

6. a. For loans made to an owner of real property that is a commercial
entity, not-for-profit organization, or entity other than an individual,
the municipal corporation shall have the authority to impose
requirements on the maximum amount that may be borrowed through such
loan, which may consider factors including but not limited to the
property value, projected savings, project cost, and existing
indebtedness secured by such property.

b. For loans made to an owner of real property who is an individual,
the principal amount of each such loan, excluding interest, shall not
exceed the lesser of ten percent of the appraised real property value or
the actual cost of installing the renewable energy system and energy
efficiency improvements, including the costs of necessary equipment,
materials, and labor, the costs of each related energy audit and
renewable energy system feasibility study, and the cost of verification
of such renewable energy system and energy efficiency improvements.

7. No such loan shall be made for energy efficiency improvements
unless determined to be appropriate through an energy audit, and no such
loan shall be made for a renewable energy system unless determined to be
feasible through a renewable energy system feasibility study.

8. The loan made under the sustainable energy loan program shall
constitute a lien upon the real property benefitted by such loan.

9. The municipal corporation may require the loan made under the
sustainable energy loan program to be repaid by the property owner
through a charge on the real property benefitted by such loan. Such
charge shall be on the real property and shall be levied and collected
at the same time and in the same manner as municipal taxes, provided
that such charge shall be separately listed on the tax bill, and
provided further that in the event such charge should not be paid in a
timely manner, no other municipal corporation shall be required to
credit or otherwise guarantee the amount of such unpaid charge to the
municipal corporation which authorized the loan, notwithstanding any
provision of law to the contrary.