The bill HB163 amends the Code of Alabama 1975 by renaming the "Property Insurance and Energy Reduction Act of Alabama" to the "Property Insurance Reduction and Capital Expenditure Act of Alabama." It introduces provisions that enable local governments to facilitate private financing for qualified energy projects, allowing them to impose liens on properties for repayment. The application process for these projects is revised, emphasizing that local assessments are voluntary and that local governments are not responsible for guaranteeing repayment. The bill also repeals Sections 11-81-247 and 11-81-248, which dealt with a loss reserve fund and state regulatory jurisdiction, respectively, while limiting local government liability and updating existing code language.

Key insertions in the bill include new definitions for terms such as "Assessment Agreement," "Capital Provider," and "Financing Agreement," which clarify the relationships between local governments, property owners, and private financiers. The definition of "qualified project" has been expanded to include a wider range of properties and improvements, while significant deletions remove previous restrictions on eligible properties. The bill establishes a financing program for local governments to support property insurance reduction and capital expenditures, with specific guidelines for assessments and liens. It also mandates that property owners demonstrate compliance with public benefit criteria before entering into assessment agreements, ensuring that improvements contribute to energy efficiency, water conservation, and resilience against natural disasters. Overall, HB163 aims to streamline the financing process for property improvements while promoting sustainable practices.

Statutes affected:
Introduced: 11-81-240, 11-81-241, 11-81-242, 11-81-243, 11-81-244, 11-81-245, 11-81-246, 11-81-249, 11-81-251, 11-81-252
Engrossed: 11-81-240, 11-81-241, 11-81-242, 11-81-243, 11-81-244, 11-81-245, 11-81-246, 11-81-249, 11-81-251, 11-81-252
Enrolled: 11-81-240, 11-81-241, 11-81-242, 11-81-243, 11-81-244, 11-81-245, 11-81-246, 11-81-249, 11-81-251, 11-81-252