I. The authority shall establish a C-PACER application and review process to review and evaluate project applications for C-PACER financing and prescribe the form and manner of the application. Under the application, an applicant shall demonstrate: (a) That the project provides a benefit to the public in the form of energy or water resource conservation, reduced public health costs and/or risk, or reduced public emergency response cost and/or risk. (b) For an existing building: (1) Where energy or water usage improvements are proposed, an energy analysis by a licensed engineering firm or engineer, or other qualified professional listed in the program guidebook, stating that the proposed qualified improvements will either result in more efficient use or conservation of energy or water, the reduction of greenhouse gas emissions, or the addition of renewable sources of energy or water, or (2) Where renewable energy is proposed, an engineering study showing that the improvements are feasible; or (3) Where resilience improvements are proposed, certification by a licensed professional engineer stating that the qualified improvements will result in improved resilience. (c) For new construction, certification by a licensed professional engineer or engineering firm stating that the proposed qualified improvements will enable the project to exceed the energy efficiency or water efficiency or renewable energy or water usage or resilience requirements of the current building code. II. (a) The principal amount of any financing, excluding interest, shall not exceed 35 percent of the appraised real property value, as stabilized or as complete, or the actual cost of installing renewable energy systems, energy efficiency improvements, water efficiency improvements and resiliency improvements, including the costs of necessary equipment, materials, and labor, financing costs, ancillary costs, the costs of each related energy or water audit or feasibility study, and the cost of verification of such renewable energy system and energy efficiency, water efficiency, and resiliency improvements. (b) The financing for assessments imposed may also include but is not limited to: (1) Permit fees; (2) Inspection fees; (3) Lender fees; (4) Program application and administrative fees; (5) Project development and engineering fees; (6) Interest reserves; (7) Capitalized interest, in an amount determined by the owner of the commercial property and the third-party providing financing under this section; and (8) Any other fees or costs incurred by the property owner incident to the installation, modification, or improvement on a specific or pro rata basis. III. The recording of all documents under this section may be performed by the municipality or their designee. A municipality's duties in a program shall include the: (a) Timely execution of the written assessment contract between the property owner and the municipality, by a duly authorized official, as well as execution of the municipality notice of assessment and C-PACER lien; and (b) Execution of the assignment of the assessment agreement and the notice of assessment and C-PACER lien to the capital provider. IV. The authority and any municipality, its officers, and employees, shall not be liable at law and equity for any actions taken in pursuant of this section, except for gross and willful misconduct. Neither the members of the authority's board of directors, nor any officer or employee of the authority shall be personally liable in ordinary negligence under this chapter. The state shall indemnify a board member or officer or employee of the authority for expenses related to defense against an ordinary negligence action. Neither the state nor the authority nor any officer or employee of either of them shall be subject to any liability for actions taken to protect the interests of the state, the authority, or any owner of the authority's bonds, provided that such actions are not reckless or wanton. V. After an approved project is completed, an applicant shall provide to the authority written verification, as defined in the program guidebook, stating that the qualified project was properly completed and is operating as intended.
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