S T A T E   O F   N E W   Y O R K
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                                  10038

                          I N  A S S E M B L Y

                              June 10, 2014
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Paulin) --
  read once and referred to the Committee on Energy

AN ACT to amend the public authorities law, the public service law  and,
  the  real  property  law,  in relation to establishing the "Commercial
  on-bill repayment act of 2014"

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings. The legislature finds and declares
that promoting widespread dissemination of energy conservation and clean
energy technologies represents a clear and cost-effective  strategy  for
building  owners and occupants in New York state to curtail the emission
of greenhouse gases and harmful air contaminants, reducing  the  state's
contribution to climate change, reducing dependence on fossil fuels, and
creating green jobs to sustain and enhance our economy. However, lack of
affordable and accessible financing for many owners of commercial build-
ings has hindered progress in fully realizing the promise of these tech-
nologies.  On-bill  repayment  facilitates the financing of clean energy
projects through the utility bill, which can allow for  more  affordable
financing terms than would be otherwise available due to the security of
utility bill payments. On-bill repayment will incentivize private inves-
tors  to invest in clean energy improvements in New York, will stimulate
the state's economy by creating jobs for contractors and  other  persons
who  complete new energy improvements, and will reinforce the leadership
role of the state in the new energy economy,  thereby  attracting  clean
energy  manufacturing  facilities and related jobs to the state. On-bill
repayment expands access to clean energy  upgrades  without  relying  on
public funding.
  Therefore,  it is the intent of the legislature to enact a "Commercial
On-Bill Repayment" program  to  animate  the  market  for  clean  energy
improvements and accelerate the flow of private capital into clean ener-
gy  projects,  and thus achieve significant reductions in greenhouse gas
emissions and toxic emissions well above the level  of  reductions  that
would be achieved through business as usual.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15284-03-4
              

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  S  2.  Article  8 of the public authorities law is amended by adding a
new title 9-B to read as follows:
                                 TITLE 9-B
                  COMMERCIAL ON-BILL REPAYMENT PROGRAM
SECTION 1900. SHORT TITLE.
        1901. DEFINITIONS.
        1902. PURPOSE.
        1903. ADMINISTRATION BY THE AUTHORITY.
        1904. COMMERCIAL ON-BILL REPAYMENT PROGRAM.
        1905. ADVISORY COUNCIL.
        1906. ANNUAL REPORTING.
        1907. FUNDS, ADMINISTRATION AND EVALUATION AND COORDINATION.
  S 1900. SHORT TITLE. THIS TITLE SHALL BE KNOWN AND MAY BE CITED AS THE
"COMMERCIAL ON-BILL REPAYMENT ACT OF 2014".
  S  1901. DEFINITIONS. AS USED IN THIS TITLE, THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS:
  1. "APPLICANT" MEANS A PERSON WHO OWNS, LEASES OR MANAGES AN  ELIGIBLE
STRUCTURE  OR  A  PORTION  OF  SUCH  ELIGIBLE  STRUCTURE AND WHO HAS THE
AUTHORITY TO CONTRACT  FOR  THE  PROVISION  OF  QUALIFIED  CLEAN  ENERGY
IMPROVEMENTS  TO  SUCH  ELIGIBLE  STRUCTURE  OR PORTION OF SUCH ELIGIBLE
STRUCTURE.
  2. "AUTHORITY" SHALL HAVE THE SAME MEANING AS IN  SUBDIVISION  TWO  OF
SECTION EIGHTEEN HUNDRED FIFTY-ONE OF THIS ARTICLE.
  3.  "COMMERCIAL  STRUCTURE" MEANS A BUILDING OTHER THAN A NON-RESIDEN-
TIAL STRUCTURE, MULTI-FAMILY STRUCTURE, OR RESIDENTIAL STRUCTURE.
  4. "DISTRIBUTION UTILITY" MEANS A COMBINATION ELECTRIC AND GAS  CORPO-
RATION  HAVING  ANNUAL REVENUES IN EXCESS OF TWO HUNDRED MILLION DOLLARS
AND THE LONG ISLAND POWER AUTHORITY.
  5. "MULTI-FAMILY STRUCTURE" MEANS A  MULTI-FAMILY  STRUCTURE  AS  SUCH
TERM IS DEFINED IN SECTION 1891 OF THE PUBLIC AUTHORITIES LAW.
  6.  "NON-RESIDENTIAL  STRUCTURE"  MEANS A NON-RESIDENTIAL STRUCTURE AS
SUCH TERM IS DEFINED IN SECTION  EIGHTEEN  HUNDRED  NINETY-ONE  OF  THIS
CHAPTER.
  7. "ELIGIBLE PROJECT" MEANS QUALIFIED CLEAN ENERGY IMPROVEMENTS FOR AN
ELIGIBLE STRUCTURE.
  8.  "ELIGIBLE  STRUCTURE"  MEANS  (A)  A COMMERCIAL STRUCTURE OR (B) A
NON-RESIDENTIAL STRUCTURE.
  9. "OBR AGREEMENT" MEANS A STANDARD WRITTEN AGREEMENT  EXECUTED  BY  A
DISTRIBUTION  UTILITY  CUSTOMER  OF  RECORD  WITH RESPECT TO THE SUBJECT
PROPERTY, THE OWNER OF THE SUBJECT PROPERTY AND AN OBR  PARTNER  OR  ITS
AGENT GOVERNING THE TERMS OF AN OBR OBLIGATION.
  10. "OBR MASTER SERVICER" MEANS AN ENTITY RETAINED BY THE AUTHORITY TO
IMPLEMENT  THE  TASKS SET FORTH IN SECTION NINETEEN HUNDRED FOUR OF THIS
TITLE.
  11. "OBR MASTER SERVICER AGREEMENT" MEANS AN  AGREEMENT  DEVELOPED  BY
THE  AUTHORITY  AS  PROVIDED  IN  SECTION  NINETEEN HUNDRED FOUR OF THIS
TITLE.
  12. "OBR OBLIGATION" MEANS AN OBLIGATION TO REPAY A FINANCING PROVIDED
TO A UTILITY CUSTOMER FOR THE INSTALLATION OF AN ELIGIBLE PROJECT PURSU-
ANT TO AN ON-BILL REPAYMENT PROGRAM. AN OBR OBLIGATION WILL EXIST  WHERE
A  FINANCING  PURSUANT  TO AN OBR AGREEMENT HAS BEEN APPROVED BY THE OBR
MASTER SERVICER AND HAS NOT BEEN SATISFIED.
  13. "OBR PARTNER" MEANS A PERSON OR  ENTITY  PROVIDING  FINANCING  FOR
QUALIFIED  CLEAN  ENERGY IMPROVEMENTS PURSUANT TO THE COMMERCIAL ON-BILL
REPAYMENT PROGRAM WHICH ENTERS INTO AN OBR  MASTER  SERVICER  AGREEMENT.
OBR  PARTNERS  MAY  INCLUDE,  BUT ARE NOT LIMITED TO, BANKS, SAVINGS AND

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LOAN INSTITUTIONS, CREDIT UNIONS, PROJECT DEVELOPERS, OR ENERGY  SERVICE
COMPANIES. FINANCING MAY BE PROVIDED IN THE FORM OF A LOAN, LEASE, POWER
PURCHASE  AGREEMENT, ENERGY SERVICE AGREEMENT, OR OTHER FINANCING STRUC-
TURE APPROVED BY THE AUTHORITY.
  14.  "ON-BILL REPAYMENT CHARGE" MEANS A CHARGE, CONSTITUTING REPAYMENT
OF ALL OR A PORTION OF ANY OBR OBLIGATION, THAT IS INCLUDED ON A UTILITY
BILL.
  15. "PROGRAM" MEANS THE COMMERCIAL ON-BILL REPAYMENT  PROGRAM  CREATED
BY THIS TITLE.
  16.  "QUALIFIED CLEAN ENERGY IMPROVEMENTS" MEANS IMPROVEMENTS, INCLUD-
ING CLEAN ENERGY RESOURCES SUCH AS ENERGY EFFICIENCY, RENEWABLE  ENERGY,
COMBINED HEAT AND POWER, DEMAND RESPONSE, AND ANY OTHER LOW-CARBON ENER-
GY  TECHNOLOGY  REASONABLY  DESIGNATED BY THE AUTHORITY, THAT ARE PERMA-
NENTLY AFFIXED TO REAL PROPERTY AND MEET  COST  EFFECTIVENESS  STANDARDS
ESTABLISHED BY THE AUTHORITY.
  17. "RESIDENTIAL STRUCTURE" MEANS A RESIDENTIAL STRUCTURE AS SUCH TERM
IS DEFINED IN SECTION EIGHTEEN HUNDRED NINETY-ONE OF THIS CHAPTER.
  S  1902.  PURPOSE. THERE IS HEREBY CREATED A COMMERCIAL ON-BILL REPAY-
MENT PROGRAM. THE PURPOSE OF THE PROGRAM IS TO:
  1. PROMOTE ENERGY EFFICIENCY, ENERGY CONSERVATION AND THE INSTALLATION
OF CLEAN ENERGY TECHNOLOGIES;
  2. REDUCE ENERGY CONSUMPTION AND ENERGY COSTS;
  3. REDUCE GREENHOUSE GAS EMISSIONS;
  4. CREATE GREEN JOB OPPORTUNITIES; AND
  5. PROMULGATE A REPLICABLE, SCALABLE APPROACH TO FINANCING CLEAN ENER-
GY PROJECTS FOR THE PURPOSE OF ANIMATING THE MARKET  FOR  SUCH  PROJECTS
AND ACCELERATING THE FLOW OF CAPITAL INTO SUCH PROJECTS.
  S  1903. ADMINISTRATION BY THE AUTHORITY. WITHIN THREE HUNDRED DAYS OF
THE EFFECTIVE DATE OF THIS TITLE, THE AUTHORITY IS HEREBY AUTHORIZED AND
DIRECTED TO ESTABLISH AND ADMINISTER THE  COMMERCIAL  ON-BILL  REPAYMENT
PROGRAM.  THE AUTHORITY SHALL IMPLEMENT THE PROGRAM IN CONSULTATION WITH
THE DEPARTMENT OF PUBLIC SERVICE, THE POWER AUTHORITY OF  THE  STATE  OF
NEW  YORK,  THE  LONG ISLAND POWER AUTHORITY, THE DEPARTMENT OF ECONOMIC
DEVELOPMENT AND THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION.
  S 1904. COMMERCIAL ON-BILL REPAYMENT PROGRAM. 1. (A) THERE  IS  HEREBY
CREATED A COMMERCIAL ON-BILL REPAYMENT PROGRAM.
  (B)  IN  ADMINISTERING  SUCH  PROGRAM, THE AUTHORITY IS AUTHORIZED AND
DIRECTED TO:
  (I) ENTER INTO CONTRACTS WITH ONE  OR  MORE  PROGRAM  IMPLEMENTERS  TO
PERFORM SUCH FUNCTIONS AS THE AUTHORITY DEEMS APPROPRIATE;
  (II) RETAIN THE SERVICES OF A MASTER SERVICER;
  (III) DEVELOP, IN CONSULTATION WITH THE DISTRIBUTION UTILITIES AND THE
DEPARTMENT  OF  PUBLIC  SERVICE,  AN  OBR MASTER SERVICER AGREEMENT THAT
INCLUDES, BUT IS NOT LIMITED TO, PROVISIONS REGARDING THE FOLLOWING:
  (1) PROTOCOLS FOR COMMUNICATION BETWEEN AND AMONG  THE  OBR  PARTNERS,
THE DISTRIBUTION UTILITIES AND THE OBR MASTER SERVICER;
  (2) APPROVAL BY THE MASTER SERVICER OF OBR AGREEMENTS, UPON SUBMISSION
OF  CONFORMING  AGREEMENTS BY OBR PARTNERS ALONG WITH CERTIFICATION BY A
LICENSED ENGINEER THAT THE WORK SCOPE FINANCED UNDER THE  OBR  AGREEMENT
CONFORMS  WITH  STANDARDS  SET  BY  THE  AUTHORITY AND THAT THE WORK WAS
COMPLETED AND CERTIFICATION BY THE OBR PARTNER THAT THE NOTICE  REQUIRED
BY PARAGRAPH (B) OF SUBDIVISION TWO OF THIS SECTION WAS DELIVERED TO THE
APPLICANT;
  (3)  BILLING  AND  COLLECTION  OF  ON-BILL  REPAYMENT  CHARGES  BY THE
DISTRIBUTION UTILITIES AND PAYMENT OF SUCH CHARGES TO THE OBR PARTNERS;
  (4) DEFAULTS IN PAYMENT BY APPLICANTS;

A. 10038                            4

  (5) HANDLING OF DISPUTES AND COMPLAINTS BY PARTICIPANTS IN THE COMMER-
CIAL OBR PROGRAM, PROVIDED THAT WITH RESPECT TO DISPUTES AND  COMPLAINTS
INVOLVING  OBR  OBLIGATIONS  RELATING  TO ELIGIBLE STRUCTURES OTHER THAN
COMMERCIAL STRUCTURES, THE AUTHORITY SHALL BE RESPONSIBLE FOR  RESOLVING
SUCH  COMPLAINTS  AND  DISPUTES,  AND  THAT WITH RESPECT TO DISPUTES AND
COMPLAINTS INVOLVING OBR OBLIGATIONS RELATING TO COMMERCIAL  STRUCTURES,
SUCH MATTERS SHALL BE ADDRESSED THROUGH BINDING ARBITRATION.
  (6)  PAYMENT  OF A FEE BY THE OBR PARTNER WITHIN THIRTY DAYS OF INITI-
ATION OF AN ON-BILL REPAYMENT CHARGE OF  ONE  HUNDRED  DOLLARS  PER  OBR
OBLIGATION  TO  THE DISTRIBUTION UTILITY IN WHOSE SERVICE TERRITORY SUCH
CUSTOMER IS LOCATED TO HELP DEFRAY THE COSTS THAT ARE  DIRECTLY  ASSOCI-
ATED WITH IMPLEMENTING THE PROGRAM;
  (7)  PAYMENT  OF  A  FEE  BY THE OBR PARTNER WITHIN THIRTY DAYS OF THE
INITIATION OF THE ON-BILL REPAYMENT CHARGE  TO  THE  AUTHORITY  TO  HELP
DEFRAY THE COSTS THAT ARE DIRECTLY ASSOCIATED WITH THE PROGRAM;
  (8)  PAYMENT  OF A FEE BY THE OBR PARTNER WITHIN THIRTY DAYS OF INITI-
ATION OF THE ON-BILL REPAYMENT CHARGE OF ONE QUARTER OF ONE  PERCENT  OF
THE  AMOUNT  OF  THE OBR OBLIGATION TO THE DISTRIBUTION UTILITY IN WHOSE
SERVICE TERRITORY SUCH CUSTOMER IS LOCATED TO HELP DEFRAY THE COSTS THAT
ARE DIRECTLY ASSOCIATED WITH THE PROGRAM;
  (9) PAYMENT OF A FEE BY THE OBR PARTNER  TO  THE  MASTER  SERVICER  AS
REQUIRED BY THE AGREEMENT BETWEEN THE AUTHORITY AND THE MASTER SERVICER;
AND
  (10)  PAYMENT  OF  A  FEE  BY THE OBR PARTNER TO THE MASTER SERVICE AS
REQUIRED BY THE AGREEMENT BETWEEN THE AUTHORITY AND THE MASTER  SERVICER
FOR  FEES  ASSOCIATED WITH RECORDING THE DECLARATION AND SATISFACTION OF
THE OBR OBLIGATION.
  (IV) ESTABLISH GUIDANCE CONCERNING  QUALIFIED  CLEAN  ENERGY  IMPROVE-
MENTS;
  (V)  ESTABLISH COST EFFECTIVENESS STANDARDS FOR SUCH IMPROVEMENTS. THE
COST-EFFECTIVENESS OF AN ELIGIBLE PROJECT SHALL BE EVALUATED  SOLELY  ON
THE BASIS OF THE COSTS AND PROJECTED SAVINGS TO THE APPLYING CUSTOMER OR
SUCH  OTHER  PARTY  AS MAY STEP INTO THE SHOES OF THE APPLYING CUSTOMER,
USING AN ENGINEERING PROCESS THAT INCORPORATES BEST PRACTICES AS  DETER-
MINED  BY  THE  AUTHORITY  FOR  (1) STANDARD BASELINING, INCLUDING PRIOR
BILLING DATA AND USAGE PATTERNS, (2) SAVINGS  PROJECTIONS,  (3)  DESIGN,
CONSTRUCTION AND COMMISSIONING; (4) OPERATIONS, MAINTENANCE AND MONITOR-
ING,  AND  (5) MEASUREMENT AND VERIFICATION; PROVIDED HOWEVER THAT BASED
UPON THE MOST RECENT CUSTOMER DATA AVAILABLE, ON  AN  ANNUALIZED  BASIS,
THE MONTHLY ON-BILL REPAYMENT AMOUNT FOR A PACKAGE OF MEASURES SHALL NOT
EXCEED ONE-TWELFTH OF THE SAVINGS PROJECTED TO RESULT FROM THE INSTALLA-
TION  OF  THE  MEASURES  PROVIDED  FURTHER  THAT NOTHING HEREIN SHALL BE
CONSTRUED TO PROHIBIT OR PREVENT CUSTOMERS WHOSE PRIMARY HEATING  ENERGY
SOURCE IS FROM DELIVERABLE FUELS FROM PARTICIPATING IN THE PROGRAM; AND
  (VI) ESTABLISH REQUIREMENTS FOR ONGOING DISCLOSURE TO THE AUTHORITY OF
(A)  SELECTED  DATA  CONCERNING  THE ENERGY, ENVIRONMENTAL AND FINANCIAL
OUTCOMES  OF  QUALIFIED  ENERGY  PROJECTS  IMPLEMENTED  WITH   FINANCING
PROVIDED THROUGH THE COMMERCIAL OBR PROGRAM AND (B) ALL INFORMATION THAT
THE  AUTHORITY  SHALL BE REQUIRED TO INCLUDE IN ITS ANNUAL REPORT TO THE
GOVERNOR, THE TEMPORARY PRESIDENT OF THE  SENATE,  THE  SPEAKER  OF  THE
ASSEMBLY,  THE  MINORITY LEADER OF THE SENATE AND THE MINORITY LEADER OF
THE ASSEMBLY  CONCERNING  THE  AUTHORITY'S  ACTIVITIES  RELATED  TO  THE
COMMERCIAL  ON-BILL  REPAYMENT  PROGRAM AS SET FORTH IN SECTION NINETEEN
HUNDRED SEVEN OF THIS TITLE; AND
  (VII) EXERCISE SUCH OTHER POWERS AS ARE NECESSARY  OR  CONVENIENT  FOR
THE  PROPER  ADMINISTRATION OF THE PROGRAM, INCLUDING, AT THE DISCRETION

A. 10038                            5

OF THE AUTHORITY, ENTERING INTO AGREEMENTS WITH APPLICANTS AND WITH SUCH
STATE OR FEDERAL AGENCIES AS NECESSARY TO DIRECTLY RECEIVE  REBATES  AND
GRANTS AVAILABLE FOR ELIGIBLE PROJECTS AND APPLY SUCH FUNDS TO REPAYMENT
OF APPLICANT OBR OBLIGATIONS.
  2. (A) APPLICANTS SEEKING TO PARTICIPATE IN THE COMMERCIAL OBR PROGRAM
SHALL  ARRANGE  TO  OBTAIN,  FROM  OBR PARTNERS, FINANCING FOR QUALIFIED
CLEAN ENERGY IMPROVEMENTS. EACH OBR  PARTNER  SHALL  ESTABLISH  ITS  OWN
CREDIT STANDARDS FOR SUCH FINANCING; AND THE AUTHORITY SHALL ESTABLISH A
PROCESS  FOR  RECEIPT  AND  RESOLUTION OF CUSTOMER COMPLAINTS CONCERNING
ON-BILL REPAYMENT CHARGES  ARISING  FROM  OBR  OBLIGATIONS  RELATING  TO
ELIGIBLE  STRUCTURES OTHER THAN COMMERCIAL STRUCTURES AND FOR ADDRESSING
DELAYS AND DEFAULTS IN CUSTOMER PAYMENTS WITH RESPECT TO SUCH OBR  OBLI-
GATIONS.
  (B)  PRIOR  TO  THE  APPROVAL  BY  THE AUTHORITY OF EACH OBR AGREEMENT
ENTERED INTO BY AN APPLICANT PURSUANT TO THIS SECTION, THE  OBR  PARTNER
SHALL CAUSE TO BE PROVIDED TO EACH APPLICANT PROPOSING TO INCUR SUCH OBR
OBLIGATION A NOTICE STATING, IN CLEAR AND CONSPICUOUS TERMS:
  (I)  THE FINANCIAL AND LEGAL OBLIGATIONS AND RISKS OF PUTTING IN PLACE
THE OBR OBLIGATION, INCLUDING THE OBLIGATION TO PROVIDE  OR  CONSENT  TO
THE CUSTOMER'S UTILITY PROVIDING THE AUTHORITY INFORMATION ON THE SOURC-
ES  AND  QUANTITIES  OF  ENERGY  USED IN THE CUSTOMER'S PREMISES AND ANY
IMPROVEMENTS OR MODIFICATIONS TO THE PREMISES, USE OF  THE  PREMISES  OR
ENERGY  CONSUMING  APPLIANCES  OR EQUIPMENT OF ANY TYPE THAT MAY SIGNIF-
ICANTLY AFFECT ENERGY USAGE;
  (II) THAT THE ON-BILL REPAYMENT CHARGE WILL BE BILLED BY SUCH  CUSTOM-
ER'S  UTILITY  COMPANY  AND  THAT  FAILURE TO PAY SUCH ON-BILL REPAYMENT
CHARGE MAY RESULT IN THE CUSTOMER HAVING HIS OR HER  ELECTRICITY  AND/OR
GAS SERVICE TERMINATED FOR NON-PAYMENT;
  (III)  THAT PERFORMANCE OF THE QUALIFIED CLEAN ENERGY IMPROVEMENTS MAY
NOT RESULT IN LOWER MONTHLY ENERGY COSTS OVER TIME, BASED ON  ADDITIONAL
FACTORS THAT CONTRIBUTE TO MONTHLY ENERGY COSTS; AND
  (IV)  (1) IN THE CASE OF OBR OBLIGATIONS RELATING TO ELIGIBLE PROJECTS
PERFORMED ON ELIGIBLE STRUCTURES OTHER THAN COMMERCIAL STRUCTURES,  THAT
IT  IS  THE  SOLE  RESPONSIBILITY  OF  THE  AUTHORITY TO HANDLE CONSUMER
INQUIRIES AND COMPLAINTS RELATED TO THE OPERATION AND LENDING ASSOCIATED
WITH THE PROGRAM, PROVIDED FURTHER THAT THE AUTHORITY  SHALL  PROVIDE  A
MECHANISM TO RECEIVE SUCH CONSUMER INQUIRIES AND COMPLAINTS.
  (2)  IN  THE  CASE  OF  OBR  OBLIGATIONS RELATING TO ELIGIBLE PROJECTS
PERFORMED ON COMMERCIAL STRUCTURES, THAT ALL  DISPUTES  RELATED  TO  THE
OPERATION  AND FINANCING ASSOCIATED WITH THE PROGRAM SHALL BE SUBJECT TO
ARBITRATION, AS PROVIDED IN THE OBR MASTER AGREEMENT.
  3. THE AUTHORITY SHALL MAKE AVAILABLE TO THE PUBLIC, ON AN  ANONYMIZED
BASIS,  SELECTED DATA CONCERNING THE ENERGY, ENVIRONMENTAL AND FINANCIAL
OUTCOMES  OF  QUALIFIED  ENERGY  PROJECTS  IMPLEMENTED  WITH   FINANCING
PROVIDED THROUGH THE COMMERCIAL OBR PROGRAM.
  4.  (A) FOR EACH OBR OBLIGATION THAT IS APPROVED BY THE AUTHORITY, THE
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL RECORD OR
CAUSE TO BE RECORDED, PURSUANT TO ARTICLE NINE OF THE REAL PROPERTY LAW,
IN THE OFFICE OF THE APPROPRIATE RECORDING OFFICER, A  DECLARATION  WITH
RESPECT  TO  THE  PROPERTY IMPROVED BY SUCH SERVICES OF THE EXISTENCE OF
THE OBR OBLIGATION AND STATING THE TOTAL AMOUNT OF THE  OBR  OBLIGATION,
THE  TERM  OF  THE  OBR OBLIGATION, AND THAT THE OBR OBLIGATION IS BEING
REPAID THROUGH A CHARGE ON AN ELECTRIC OR GAS METER ASSOCIATED WITH  THE
PROPERTY.  THE  DECLARATION  SHALL  FURTHER STATE THAT IT IS BEING FILED
PURSUANT TO THIS SECTION AND, UNLESS FULLY SATISFIED PRIOR  TO  SALE  OR
TRANSFER  OF  THE  PROPERTY, THE OBR OBLIGATION SHALL SURVIVE CHANGES IN

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OWNERSHIP, TENANCY, OR METER ACCOUNT  RESPONSIBILITY  AND,  UNTIL  FULLY
SATISFIED, SHALL CONSTITUTE THE OBLIGATION OF THE PERSON RESPONSIBLE FOR
THE  METER ACCOUNT. SUCH DECLARATION SHALL NOT CONSTITUTE A MORTGAGE AND
SHALL  NOT  CREATE  ANY  SECURITY INTEREST OR LIEN ON THE PROPERTY. UPON
SATISFACTION OF THE OBR OBLIGATION, THE AUTHORITY SHALL FILE A  DECLARA-
TION OF REPAYMENT PURSUANT TO ARTICLE NINE OF THE REAL PROPERTY LAW.
  (B)  THE  RECORDING OFFICER SHALL RECORD SUCH DECLARATIONS IN THE SAME
BOOK, PROVIDED UNDER SECTION THREE HUNDRED FIFTEEN OF THE REAL  PROPERTY
LAW, IN WHICH SUCH RECORDING OFFICER RECORDS DEEDS.
  S  1905.  ADVISORY COUNCIL. 1. THE AUTHORITY SHALL ESTABLISH A COMMER-
CIAL ON-BILL REPAYMENT ADVISORY COUNCIL TO ADVISE THE AUTHORITY  ON  THE
CREATION  AND  IMPLEMENTATION  OF THE PROGRAM. THE COUNCIL SHALL CONSIST
OF:
  (A) THE PRESIDENT OF THE AUTHORITY; THE  SECRETARY  OF  STATE;  ;  THE
CHAIR  OF  THE  DEPARTMENT OF PUBLIC SERVICE; THE PRESIDENT OF THE POWER
AUTHORITY OF THE STATE OF NEW YORK; THE PRESIDENT  OF  THE  LONG  ISLAND
POWER  AUTHORITY;  THE COMMISSIONER OF ECONOMIC DEVELOPMENT; THE COMMIS-
SIONER OF ENVIRONMENTAL CONSERVATION; OR THE DESIGNEES OF SUCH  PERSONS;
AND
  (B)   UNIONS,   INCLUDING   BUILDING  TRADES  AND  PROPERTY  SERVICES;
LARGE-SCALE CONSTRUCTION CONTRACTORS; INVESTMENT MARKET EXPERTS;  FINAN-
CIAL  MARKET  EXPERTS; ENVIRONMENTAL NON-GOVERNMENTAL ORGANIZATIONS; AND
REAL ESTATE EXPERTS.
  2. THE PRESIDENT OF THE AUTHORITY SHALL SERVE  AS  THE  CHAIR  OF  THE
COUNCIL.
  S  1906.  ANNUAL REPORTING. 1.  NO LATER THAN OCTOBER FIRST, TWO THOU-
SAND FIFTEEN AND OCTOBER FIRST OF EACH YEAR THEREAFTER, THE PRESIDENT OF
THE AUTHORITY SHALL ISSUE AN ANNUAL REPORT TO THE GOVERNOR,  THE  TEMPO-
RARY  PRESIDENT OF THE SENATE, THE SPEAKER OF THE ASSEMBLY, THE MINORITY
LEADER OF THE SENATE AND THE MINORITY LEADER OF THE ASSEMBLY  CONCERNING
THE  AUTHORITY'S  ACTIVITIES RELATED TO THE COMMERCIAL ON-BILL REPAYMENT
PROGRAM CREATED PURSUANT TO THIS TITLE. SUCH REPORT SHALL  INCLUDE,  BUT
NOT BE LIMITED TO THE FOLLOWING INFORMATION:
  2.  THE  STATUS  OF THE AUTHORITY'S ACTIVITIES AND OUTCOMES RELATED TO
SECTION NINETEEN HUNDRED FOUR OF THIS TITLE. SUCH REPORT SHALL  INCLUDE,
BUT NOT BE LIMITED TO:
  (A)  THE  NUMBER OF PERSONS WHO HAVE APPLIED FOR OBR OBLIGATIONS TO BE
ESTABLISHED THROUGH THE PROGRAM;
  (B) THE NUMBER OF OBR OBLIGATIONS IN DEFAULT;
  (C) THE AMOUNT AND NATURE OF THE COSTS INCURRED BY THE  AUTHORITY  FOR
THE  ACTIVITIES DESCRIBED IN PARAGRAPH (B) OF SUBDIVISION ONE OF SECTION
NINETEEN HUNDRED FOUR OF THIS TITLE;
  (D) THE AUTHORITY'S ACTIVITIES  AND OUTCOMES RELATED  TO  ESTABLISHING
THE  COMMERCIAL  ON-BILL  REPAYMENT  MECHANISM,  INCLUDING THE NUMBER OF
PERSONS WHO HAVE APPLIED THE OPPORTUNITY TO  UTILIZE  ON-BILL  REPAYMENT
AND THE RESULTS OF THE EVALUATION PROGRAM PERFORMED PURSUANT TO SUBDIVI-
SION THREE OF SECTION NINETEEN HUNDRED FOUR OF THIS TITLE;
  (E) THE AMOUNT EXPENDED BY THE AUTHORITY IN SUPPORT OF THE PROGRAM AND
THE PURPOSES FOR WHICH SUCH FUNDS HAVE BEEN EXPENDED;
  (F)  THE  NUMBER  OF  CUSTOMERS  PARTICIPATING  IN THE PROGRAM AND THE
AMOUNTS FINANCED PURSUANT TO OBR AGREEMENTS WITH RESPECT  TO  WHICH  OBR
OBLIGATIONS HAVE BEEN ESTABLISHED;
  (G)  THE  NUMBER  OF  PROGRAM PARTICIPANTS WHO ARE IN ARREARS IN THEIR
UTILITY ACCOUNTS FOR ELECTRIC AND/OR GAS SERVICE;
  (H) THE NUMBER OF PROGRAM PARTICIPANTS WHO ARE  IN  ARREARS  IN  THEIR
ON-BILL REPAYMENT CHARGE PAYMENTS;

A. 10038                            7

  (I)  THE NUMBER OF PROGRAM PARTICIPANTS WHOSE UTILITY SERVICE HAS BEEN
TERMINATED FOR NON-PAYMENT;
  (J)  A  DESCRIPTION  OF THE GEOGRAPHIC DISTRIBUTION OF OBR OBLIGATIONS
MADE;
  (K) AN ESTIMATE OF THE ENERGY SAVINGS RESULTING FROM THIS PROGRAM; AND
  (L) AN ESTIMATE OF THE AVERAGE PROJECT COST.
  S 1907. FUNDS, ADMINISTRATION AND  EVALUATION  AND  COORDINATION.  THE
AUTHORITY  IS  AUTHORIZED  TO  ACCEPT,  AS AGENT OF THE STATE, ANY GIFT,
GRANT, DEVISE OR BEQUEST, WHETHER CONDITIONAL OR UNCONDITIONAL,  INCLUD-
ING  BUT NOT LIMITED TO FEDERAL GRANTS, AND TO USE MONIES MADE AVAILABLE
FOR THE PROGRAM FROM ANY PUBLIC OR PRIVATE SOURCE, FOR  THE  PURPOSE  OF
ADMINISTERING AND EVALUATING THE EFFECTIVENESS OF THE PROGRAM.
  S  3.  Subdivision 4 of section 1855 of the public authorities law, as
amended by chapter 487 of the laws  of  2009,  is  amended  to  read  as
follows:
  4.  To make rules and regulations governing the exercise of its corpo-
rate powers and the fulfillment of its  corporate  purposes  under  this
title  [and  title]  AND TITLES nine-A AND NINE-B of this article, which
shall be filed with the department of state in the  manner  provided  by
section one hundred two of the executive law.
  S  4.  Paragraph  (h)  of  subdivision 2 of section 18-a of the public
service law, as amended by section 2 of part A of  chapter  173  of  the
laws of 2013, is amended by to read as follows:
  (h) On-bill recovery charges billed pursuant to section sixty-six-m of
this  chapter  AND  ON-BILL REPAYMENT CHARGES BILLED PURSUANT TO SECTION
SIXTY-SIX-N OF THIS CHAPTER shall be excluded from any determination  of
an  entity's  gross  operating  revenues derived from intrastate utility
operations for purposes of this section.
  S 5. Paragraph (d) of subdivision  6  of  section  65  of  the  public
service  law,  as amended by chapter 388 of the laws of 2011, is amended
to read as follows:
  (d) for installation of capital improvements and fixtures  to  promote
energy  efficiency upon the request and consent of the customer, includ-
ing but not limited (I) to the performance of qualified energy efficien-
cy services for customers participating in  green  jobs-green  New  York
on-bill  recovery  pursuant  to  section sixty-six-m of this article; OR
(II) THE PERFORMANCE OF QUALIFIED ENERGY CLEAN ENERGY  IMPROVEMENTS  FOR
CUSTOMERS  PARTICIPATING  IN  THE  COMMERCIAL  ON-BILL REPAYMENT PROGRAM
PURSUANT TO SECTION SIXTY-SIX-N OF THIS ARTICLE.
  S 6. The public service law is amended by adding a new section 66-n to
read as follows:
  S 66-N. COMMERCIAL ON-BILL REPAYMENT PROGRAM. 1.  (A)  THE  COMMISSION
SHALL,  WITHIN  FORTY-FIVE  DAYS  OF THE EFFECTIVE DATE OF THIS SECTION,
COMMENCE A PROCEEDING TO INVESTIGATE THE IMPLEMENTATION BY EACH COMBINA-
TION ELECTRIC AND GAS CORPORATION HAVING ANNUAL REVENUES  IN  EXCESS  OF
TWO  HUNDRED  MILLION  DOLLARS  OF  A BILLING AND COLLECTION SERVICE FOR
ON-BILL REPAYMENT CHARGES IN PAYMENT OF  OBLIGATIONS  OF  ITS  CUSTOMERS
PURSUANT  TO THE COMMERCIAL ON-BILL REPAYMENT PROGRAM ESTABLISHED PURSU-
ANT TO TITLE NINE-B OF ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW  AND,
WITHIN ONE HUNDRED FIFTY DAYS OF THE EFFECTIVE DATE OF THIS SECTION, THE
COMMISSION  SHALL  MAKE  A  DETERMINATION  ESTABLISHING  THE BILLING AND
COLLECTION PROCEDURES FOR SUCH ON-BILL REPAYMENT CHARGES. THE DEPARTMENT
SHALL CONSULT WITH THE NEW YORK STATE ENERGY  RESEARCH  AND  DEVELOPMENT
AUTHORITY  IN  THE  PREPARATION OF ITS RECOMMENDATIONS TO THE COMMISSION
FOR SUCH DETERMINATION. THE COMMISSION SHALL REQUIRE SUCH  ELECTRIC  AND
GAS CORPORATIONS TO OFFER BILLING AND COLLECTION SERVICES FOR COMMERCIAL

A. 10038                            8

ON-BILL  REPAYMENT  CHARGES  FOR ELIGIBLE CUSTOMERS WITHIN THREE HUNDRED
DAYS OF THE EFFECTIVE DATE OF THIS SECTION. TO THE  EXTENT  PRACTICABLE,
SUCH  ELECTRIC  AND  GAS  CORPORATIONS SHALL UTILIZE EXISTING ELECTRONIC
DATA INTERCHANGE INFRASTRUCTURE OR OTHER EXISTING BILLING INFRASTRUCTURE
TO  IMPLEMENT  THEIR  BILLING AND COLLECTION RESPONSIBILITIES UNDER THIS
SECTION.
  (B) THE COMMISSION MAY SUSPEND SUCH AN ELECTRIC AND GAS  CORPORATION'S
PARTICIPATION  IN THE COMMERCIAL ON-BILL REPAYMENT PROGRAM PROVIDED THAT
THE COMMISSION, AFTER CONDUCTING A HEARING AS PROVIDED IN SECTION TWENTY
OF THIS CHAPTER, MAKES A FINDING THAT THERE IS A SIGNIFICANT INCREASE IN
ARREARS OR UTILITY SERVICE DISCONNECTIONS THAT THE COMMISSION DETERMINES
IS DIRECTLY RELATED TO ON-BILL REPAYMENT CHARGES, OR A FINDING OF  OTHER
GOOD CAUSE. ANY SUSPENSION PURSUANT TO THIS SUBDIVISION SHALL NOT AFFECT
SUCH  ELECTRIC  AND  GAS  CORPORATION'S  OBLIGATIONS WITH RESPECT TO ANY
EXISTING OBR OBLIGATIONS OUTSTANDING AT THE  TIME  OF  SUCH  SUSPENSION,
INCLUDING  THE  CONTINUED  COLLECTION  OF  ALL ON-BILL REPAYMENT CHARGES
RELATED THERETO.
  (C) THE ON-BILL REPAYMENT CHARGE SHALL BE COLLECTED ON THE  BILL  FROM
THE  CUSTOMER'S  ELECTRIC  CORPORATION UNLESS THE QUALIFIED CLEAN ENERGY
IMPROVEMENTS AT THAT CUSTOMER'S PREMISES RESULT IN MORE PROJECTED ENERGY
SAVINGS ON THE CUSTOMER'S GAS BILL THAN THE ELECTRIC BILL, IN WHICH CASE
SUCH CHARGE SHALL BE COLLECTED ON THE CUSTOMER'S GAS CORPORATION BILL.
  2. SCHEDULES FOR THE  COLLECTION  AND  BILLING  OF  ON-BILL  REPAYMENT
CHARGES SHALL PROVIDE:
  (A)  THAT  BILLING  AND  COLLECTION SERVICES SHALL BE AVAILABLE TO ALL
CUSTOMERS WHO HAVE MET THE STANDARDS ESTABLISHED BY THE NEW  YORK  STATE
ENERGY  RESEARCH  AND  DEVELOPMENT  AUTHORITY  FOR  PARTICIPATION IN THE
COMMERCIAL ON-BILL REPAYMENT PROGRAM AND HAVE EXECUTED AN OBR  AGREEMENT
FOR  THE  PERFORMANCE  OF QUALIFIED CLEAN ENERGY IMPROVEMENTS UNDER SUCH
PROGRAM AND HAVE ESTABLISHED AN OBR OBLIGATION PURSUANT TO SECTION NINE-
TEEN HUNDRED FOUR OF THE PUBLIC AUTHORITIES LAW;
  (B) THAT THE RESPONSIBILITIES OF SUCH ELECTRIC AND GAS CORPORATION ARE
LIMITED TO PROVIDING BILLING AND COLLECTION SERVICES FOR ON-BILL  REPAY-
MENT CHARGES AS DIRECTED BY THE AUTHORITY;
  (C)  UNLESS  FULLY  SATISFIED  PRIOR TO SALE OR TRANSFER, THAT (I) THE
ON-BILL REPAYMENT CHARGES FOR ANY SERVICES PROVIDED  AT  THE  CUSTOMER'S
PREMISES  SHALL  SURVIVE  CHANGES IN OWNERSHIP, TENANCY OR METER ACCOUNT
RESPONSIBILITY, AND (II) THAT ARREARS IN ON-BILL  REPAYMENT  CHARGES  AT
THE TIME OF ACCOUNT CLOSURE OR METER TRANSFER SHALL REMAIN THE RESPONSI-
BILITY  OF  THE INCURRING CUSTOMER, UNLESS EXPRESSLY ASSUMED BY A SUBSE-
QUENT PURCHASER OF THE PROPERTY SUBJECT TO SUCH CHARGES;
  (D) WITH RESPECT TO A CUSTOMER ACCOUNT WITH AN ELECTRIC AND GAS CORPO-
RATION THAT HAS BEEN CLOSED AND IN WHICH ARREARAGES EXIST, INCLUDING  AN
ARREARAGE  WITH  RESPECT  TO AN ON-BILL REPAYMENT CHARGE, THE COMMISSION
MAY ADOPT RULES PROVIDING THAT AFTER A PERIOD OF TIME TO  BE  DETERMINED
BY  THE COMMISSION, THE SHARE OF TOTAL ARREARAGE THAT IS ATTRIBUTABLE TO
THE ON-BILL REPAYMENT CHARGE MAY BE DEEMED, AS OF A DATE CERTAIN, TO  BE
AN  OBLIGATION  OWED DIRECTLY TO THE OBR PARTNER AND NOT TO THE ELECTRIC
AND GAS CORPORATION;
  (E) WITH RESPECT TO A CUSTOMER REMITTING LESS THAN  THE  TOTAL  AMOUNT
DUE  FOR ELECTRIC AND/OR GAS SERVICES AND ON-BILL REPAYMENT CHARGES, THE
AUTHORITY MAY REQUIRE THAT PAYMENTS BE ALLOCATED TO THE UTILITY AND  THE
OBR  PARTNER  IN  ACCORDANCE  WITH  A  WATERFALL,  SUCH  WATERFALL TO BE
DESIGNED WITH AN OBJECTIVE OF NOT INCREASING UTILITY BAD  DEBT  EXPENSE,
WITH  PRIORITY  IN  THE  WATERFALL  BEING  GIVEN  TO PAST-DUE AMOUNTS IN
ACCORDANCE WITH THE BILLING PERIOD DURING WHICH ANY  SUCH  AMOUNTS  WERE

A. 10038                            9

ACCRUED, WITH NO ALLOCATIONS OF ARREARAGES OR CURRENT CHARGES BEING MADE
TO EITHER THE UTILITY OR THE OBR PARTNER WHILE ARREARAGES OF EITHER TYPE
FROM ANY EARLIER BILLING PERIOD REMAIN OUTSTANDING, AND, WITH RESPECT TO
CHARGES  THAT ACCRUED DURING THE SAME BILLING PERIOD, ALLOCATIONS TO THE
UTILITY IN RESPECT OF ANY NON-OBR CHARGES IN ALL CASES BEING MADE  AHEAD
OF ALLOCATIONS TO THE OBR PARTNER FOR ANY OBR CHARGES
  (F)  BILLING AND COLLECTION SERVICES SHALL BE AVAILABLE WITHOUT REGARD
TO WHETHER THE ENERGY OR FUEL DELIVERED BY THE UTILITY IS THE CUSTOMER'S
PRIMARY ENERGY SOURCE;
  (G) UNLESS OTHERWISE PRECLUDED BY LAW, PARTICIPATION IN THE COMMERCIAL
ON-BILL REPAYMENT PROGRAM SHALL NOT AFFECT A CUSTOMER'S ELIGIBILITY  FOR
ANY REBATE OR INCENTIVE OFFERED BY A UTILITY OR THE NEW YORK STATE ENER-
GY RESEARCH AND DEVELOPMENT AUTHORITY; AND
  (H)  ANY  OTHER  PROVISIONS  NECESSARY  TO PROVIDE FOR THE BILLING AND
COLLECTION OF ON-BILL REPAYMENT CHARGES.
  S 7. Sections 1020-ii, 1020-jj and 1020-kk of the  public  authorities
law,  as  renumbered  by chapter 388 of the laws of 2011, are renumbered
sections 1020-jj, 1020-kk and 1020-ll and a new section 1020-ii is added
to read as follows:
  S 1020-II. COMMERCIAL ON-BILL REPAYMENT. 1. WITHIN THREE HUNDRED  DAYS
OF  THE  EFFECTIVE DATE OF THIS SECTION, THE AUTHORITY SHALL ESTABLISH A
PROGRAM TO PROVIDE FOR THE BILLING AND COLLECTION OF  ON-BILL  REPAYMENT
CHARGES  FOR  PAYMENT  OF OBLIGATIONS OF ITS CUSTOMERS TO THE COMMERCIAL
ON-BILL REPAYMENT PROGRAM ESTABLISHED PURSUANT TO TITLE NINE-B OF  ARTI-
CLE  EIGHT OF THE PUBLIC AUTHORITIES LAW. SUCH PROGRAM SHALL BE CONSIST-
ENT WITH THE STANDARDS SET FORTH IN SECTION SIXTY-SIX-N  OF  THE  PUBLIC
SERVICE  LAW.  BILLING  AND COLLECTION SERVICES UNDER SUCH TARIFFS SHALL
COMMENCE AS SOON AS PRACTICABLE AFTER ESTABLISHMENT OF THE PROGRAM.
  2. THE AUTHORITY MAY SUSPEND ITS OFFERING  OF  THE  ON-BILL  REPAYMENT
CHARGE  PROVIDED  THAT  THE  AUTHORITY  MAKES  A FINDING THAT THERE IS A
SIGNIFICANT INCREASE IN ARREARS OR UTILITY SERVICE  DISCONNECTIONS  THAT
THE  AUTHORITY DETERMINES IS DIRECTLY RELATED TO SUCH CHARGE, OR A FIND-
ING OF OTHER GOOD CAUSE.
  S 8. Section 242 of the real property law is amended by adding  a  new
subdivision 5 to read as follows:
  5. DISCLOSURE PRIOR TO THE SALE OF REAL PROPERTY TO WHICH A COMMERCIAL
ON-BILL  REPAYMENT  CHARGE APPLIES. (A) ANY PERSON, FIRM, COMPANY, PART-
NERSHIP OR CORPORATION OFFERING TO SELL REAL PROPERTY WHICH  IS  SUBJECT
TO  A  COMMERCIAL  ON-BILL  REPAYMENT CHARGE PURSUANT TO TITLE NINE-B OF
ARTICLE EIGHT OF THE PUBLIC AUTHORITIES LAW SHALL PROVIDE WRITTEN NOTICE
TO THE PROSPECTIVE PURCHASER OR THE PROSPECTIVE PURCHASER'S AGENT, STAT-
ING AS FOLLOWS: "THIS PROPERTY IS SUBJECT TO A COMMERCIAL ON-BILL REPAY-
MENT CHARGE". SUCH NOTICE SHALL ALSO INCLUDE, AS AN ATTACHMENT, THE  OBR
AGREEMENT GOVERNING THE COMMERCIAL ON-BILL REPAYMENT OBLIGATION, INCLUD-
ING  ANY  MODIFICATIONS  THERETO,  A  DESCRIPTION  OF  THE  CLEAN ENERGY
IMPROVEMENTS PERFORMED, INCLUDING IMPROVEMENTS TO THE PROPERTY,  AND  AN
EXPLANATION OF THE BENEFIT OF THE COMMERCIAL ON-BILL REPAYMENT QUALIFIED
CLEAN ENERGY SERVICES. SUCH NOTICE SHALL BE PROVIDED BY THE SELLER PRIOR
TO ACCEPTING A PURCHASE OFFER.
  (B) ANY PROSPECTIVE OR ACTUAL PURCHASER WHO HAS SUFFERED A LOSS DUE TO
A  VIOLATION  OF  THIS  SUBDIVISION  IS  ENTITLED  TO RECOVER ANY ACTUAL
DAMAGES INCURRED FROM THE PERSON OFFERING TO SELL OR SELLING  SAID  REAL
PROPERTY.
  S  9. section 291-j of the real property law, as added by section 2 of
part DD of chapter 58 of the  laws  of  2012,  is  amended  to  read  as
follows:

A. 10038                           10

  S  291-j.  Recording  of  declarations  by  the  New York state energy
research and development authority. 1. Pursuant to subdivision  five  of
section  eighteen  hundred ninety-six of the public authorities law, the
New York state energy research and development authority shall record or
cause  to  be recorded, in the office of the appropriate recording offi-
cer, a declaration evidencing the existence of a loan as described ther-
ein and, upon satisfaction of such loan, such  authority  shall  file  a
declaration  of  repayment  and  full satisfaction of the loan repayment
utility meter charge. The recording officer shall record  such  declara-
tions  in the same book, provided under section three hundred fifteen of
the real property law, in which such recording officer records deeds.
  2. PURSUANT TO SUBDIVISION FOUR OF SECTION NINETEEN  HUNDRED  FOUR  OF
THE  PUBLIC  AUTHORITIES  LAW,  THE  NEW  YORK STATE ENERGY RESEARCH AND
DEVELOPMENT AUTHORITY SHALL RECORD OR  CAUSE  TO  BE  RECORDED,  IN  THE
OFFICE  OF  THE  APPROPRIATE RECORDING OFFICER, A DECLARATION EVIDENCING
THE EXISTENCE OF AN OBR OBLIGATION AS DESCRIBED THEREIN AND, UPON SATIS-
FACTION OF SUCH OBR OBLIGATION, SUCH AUTHORITY SHALL FILE A  DECLARATION
OF REPAYMENT AND FULL SATISFACTION OF THE OBR OBLIGATION.  THE RECORDING
OFFICER  SHALL  RECORD SUCH DECLARATION IN THE SAME BOOK, PROVIDED UNDER
SECTION THREE HUNDRED FIFTEEN OF THIS ARTICLE, IN WHICH  SUCH  RECORDING
OFFICER RECORDS DEEDS.
  S 10. This act shall take effect immediately.