H158 - Special Assessments/Critical Infrastructure. (SL 2017-40)

Overview: S.L. 2017-40 does two things:

• It authorizes a county or city to contract with a private party to construct a project on behalf of the county or city, and to reimburse the private party for costs incurred by the private party related to the project from the imposition of special assessments on the benefited property owners. The county or city would not be obligated to reimburse the private party any amount in excess of assessment revenues actually collected, less the entity's related administrative expenses.
• It clarifies who may be entitled to the proceeds of a performance guarantee issued by a developer to a county or city to assure successful completion of required improvements by the developer under a subdivision control ordinance.

This act became effective June 21, 2017, and applies to assessments made on or after that date.