Sponsor
Alderman Helding
Title
Ordinance No. 17-09
To create Section 90-33 of the Municipal Code of the City of Racine, Wisconsin, relating to Special charges for repayment of energy efficiency improvement loans.
The Common Council of the City of Racine do ordain as follows:
Part 1:
Section 90-33 of the Municipal Code of the City of Racine is hereby created to read as follows:
"Sec. 90-33. Special charges for repayment of energy efficiency improvement loans.
(a) The Common Council may establish by resolution a program for making loans for improvements to resident’s residential property for energy efficiency or renewable energy projects pursuant to section 66.0627 (8), Wisconsin Statutes.
(b) Loans made under this program shall be repaid through a special charge against the residential real property. The special charge shall equal the principal and interest due on the loan for the period specified in the loan agreement between the property owner and the city. The loan agreement may specify more frequent payments than the time established by the city for the billing and collection of special charges; in which case, the loan payment shall not be billed as a special charge unless the property owner becomes delinquent in payments. A penalty charge shall be added to delinquent payments."
Part 2:
This ordinance shall take effect upon passage and the day after publication.
Passed by the Common Council:
__________________________
Approved: ______________
__________________________
Mayor
Attest:
__________________________
City Clerk
Fiscal Note: N/A