NC H158

Authorizes cities and counties to impose special assessments on benefited property to fund critical infrastructure projects, with costs payable in annual installments over no more than 25 years.

Allows assessments to be funded from multiple sources including private party funds, with reimbursement to private parties limited to actual documented costs collected from assessments minus administrative expenses (excluding interest costs except during assessment collection abeyance periods).

Requires petition approval from a majority of property owners and owners representing at least 66% of assessed property value before imposing assessments, followed by a preliminary assessment resolution and public hearing before final adoption.

Establishes assessment abeyance provisions allowing deferrals of installment payments, with an inflationary factor permitted if abeyance is used and private parties are reimbursed.

Clarifies that performance bonds or guarantees for subdivision improvements apply to projects funded by assessments and specifies that only the local government, developer, and performance guarantee issuer have rights to performance guarantee proceeds.