As used in this chapter, the following terms shall have the
meanings indicated:
ANNUAL INSTALLMENT
The portion of the PACE loan that is due and payable for
a particular year under the supplemental agreement.
BORROWER
The property owner or lessee of the subject property that
borrows the proceeds of a PACE loan.
DEFAULT LOAN BALANCE
The outstanding balance, whether or not due, of a PACE loan
at the time that the County receives foreclosure proceeds.
FORECLOSURE PROCEEDS
The proceeds received by the County from the disposition
of a subject property through an in rem property tax foreclosure.
LOAN AMOUNT
The principal, interest, administrative fees (including the
Program Administrator's fees) and other loan charges to be paid
by the borrower under the PACE loan.
PACE
The acronym for property assessed clean energy.
PACE DEFAULT PROVISIONS
A.
The delinquent annual installment(s) due when the County initiates
the in rem property tax foreclosure on the subject property;
B.
Any additional annual installment(s) that become due between
the time that the County initiates in rem property tax foreclosure
on the subject property and the date the County receives the foreclosure
proceeds;
C.
Any default interest charges applied to unpaid annual installments referenced in Subsections
A and
B above, as provided in the supplemental agreement; and
D.
Any default loan balance.
PACE LENDER
Any person that makes a PACE loan, and which may include
an affiliate of the borrower.
PACE LOAN
A loan made by a PACE lender to a borrower under this chapter
for energy efficiency improvements, water efficiency improvements,
or renewable resource applications made to or installed on a subject
property.
PERSON
Any individual, association, firm, corporation, partnership,
limited liability company, trust, joint venture or other legal entity,
or a political subdivision as defined in Wis. Stats. § 66.0627.
SUBJECT PROPERTY
Any premises located in the County on which an energy efficiency
improvements, water efficiency improvements, or renewable resource
applications are being or have been made and financed through an outstanding
PACE loan.
WISCONSIN PACE COMMISSION
The Wisconsin PACE Commission formed under Wis. Stats. § 66.0301,
as amended, by the County and one or more other political subdivisions
as defined in Wis. Stats. § 66.0627, pursuant to a joint
exercise of powers agreement relating to the Wisconsin PACE Commission.
Any PACE loan made and secured pursuant to this chapter shall
be considered a special charge on the subject property. Any annual
installment or portion of a PACE loan made and secured pursuant to
the section that becomes delinquent according to the terms of the
PACE loan shall be a lien against the subject property and placed
on the tax roll, as permitted pursuant to Wis. Stats. § 66.0627
as amended.
Upon the request of the Program Administrator the County shall
place each year's annual installment on the tax roll for the
subject property as permitted pursuant to Wis. Stats. § 66.0627,
as amended.
The County shall promptly remit to the Wisconsin PACE Commission any payment(s) for a special charge imposed under this chapter, including penalties and charges thereon, it may receive from any taxing district or the County treasurer pursuant to Wis. Stats. Ch.
74, as amended.
If the County prevails in an in rem property tax foreclosure
action against a subject property, the County shall diligently proceed
to sell the subject property pursuant to the procedures set forth
in Wis. Stats. § 75.69, as amended.
The County Treasurer shall follow the procedures set forth in
Wis. Stats. § 75.36, as amended, to distribute the proceeds
from the sale of a subject property.