MO SB874

Clean energy development boards must find sufficient resources exist to complete projects and that estimated economic benefits equal or exceed project costs before entering assessment contracts.

Assessment contracts must include project descriptions, cost verification mechanisms, property owner acknowledgment of special benefits, annual payment terms not exceeding 20 years, and notice that obligations run with the land to future owners.

Total special assessments cannot exceed project costs (including audits and inspections) plus administration fees, interest, and other reasonable financing costs.

Assessment contracts must be maintained in official board records for the duration of assessments plus three years, with a notice of assessment recorded in county real estate records and copies provided to county assessor and collector.

Special assessments are collected by county collectors with the same priority as ad valorem taxes and paid to clean energy development boards; boards must offer federally insured Missouri depository institutions right of first refusal for outside administrative services (except bond issuances).