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216C.436 MINNESOTA STATUTES 2015 Subd. 4. Financing terms. Financing provided under this section must have: (1) a cost -weighted average maturity not exceeding the useful life of the energy improvements installed, as determined by the implementing entity, but in no event may a term exceed 20 years; (2) a principal amount not to exceed the lesser of 20 percent of the assessed value of the real property on which the improvements are to be installed or the actual cost of installing the energy improvements, including the costs of necessary equipment, materials, and labor, the costs of each related energy audit or renewable energy system feasibility study, and the cost of verification of installation; and (3) an interest rate sufficient to pay the financing costs of the program, including the issuance of bonds and any financing delinquencies. Subd. 5. Coordination with other programs. A financing program must include cooperation and co- ordination with the conservation improvement activities of the utility serving the qualifying real property and other public and private energy improvement programs. Subd. 6. Certificate of participation. Upon completion of a project, an implementing entity shall provide a borrower with a certificate stating participation in the program and what energy improvements have been made with financing program proceeds. Subd. 7. Repayment. An implementing entity that finances an energy improvement under this section must: (1) secure payment with a lien against the qualifying real property; and (2) collect repayments as a special assessment as provided for in section 429.101 or by charter, provided that special assessments may be made payable in up to 20 equal annual installments. If the implementing entity is an authority, the local government that authorized the authority to act as implementing entity shall impose and collect special assessments necessary to pay debt service on bonds issued by the implementing entity under subdivision 8, and shall transfer all collections of the assessments upon receipt to the authority. Subd. 8. Bond issuance; repayment. (a) An implementing entity may issue revenue bonds as provided in chapter 475 for the purposes of this section, provided the revenue bond must not be payable more than 20 years from the date of issuance. (b) The bonds must be payable as to both principal and interest solely from the revenues from the assessments established in subdivision 7. (c) No holder of bonds issued under this subdivision may compel any exercise of the taxing power of the implementing entity that issued the bonds to pay principal or interest on the bonds, and if the implementing entity is an authority, no holder of the bonds may compel any exercise of the taxing power of the local government. Bonds issued under this subdivision are not a debt or obligation of the issuer or any local government that issued them, nor is the payment of the bonds enforceable out of any money other than the revenue pledged to the payment of the bonds. Copyright © 2015 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. A