NC S118

Authorizes cities and counties to impose special assessments on benefited property to fund or reimburse critical infrastructure projects, including installation of renewable energy and energy efficiency improvements.

Allows assessment revenues to be used to repay funds from private parties that advance project costs, with counties and cities required to reimburse private parties from assessment collections minus administrative costs.

Requires petition support from a majority of affected property owners and owners representing at least 66% of assessed property value before assessments can be imposed, with a public hearing process before final approval.

Permits assessment payments to be spread over up to 25 annual installments with provisions for assessment abeyance periods, allowing deferred payment until abeyance ends.

Extends the sunset date for existing assessment authority and applies the law to assessments made on or after June 30, 2017.