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

                                 1260--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 8, 2015
                               ___________

Introduced by M. of A. PAULIN -- read once and referred to the Committee
  on  Energy -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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 2015"

  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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04873-03-5
              

A. 1260--A                          2

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.
  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 2015".
  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 EIGHTEEN HUNDRED NINETY-ONE OF THIS ARTICLE.
  6. "NON-RESIDENTIAL STRUCTURE" MEANS A  NON-RESIDENTIAL  STRUCTURE  AS
SUCH  TERM  IS  DEFINED  IN  SECTION EIGHTEEN HUNDRED NINETY-ONE OF THIS
ARTICLE.
  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.

A. 1260--A                          3

  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
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 ARTICLE.
  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

A. 1260--A                          4

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;
  (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 SERVICER 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

A. 1260--A                          5

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
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,

A. 1260--A                          6

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
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 AUTHORI-
TY  OF  THE  STATE  OF  NEW YORK; THE PRESIDENT OF THE LONG ISLAND POWER
AUTHORITY; THE COMMISSIONER OF ECONOMIC DEVELOPMENT; THE COMMISSIONER 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 SIXTEEN 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;

A. 1260--A                          7

  (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;
  (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 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-O 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-O OF THIS ARTICLE.
  S 6. The public service law is amended by adding a new section 66-o to
read as follows:
  S 66-O. 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

A. 1260--A                          8

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
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

A. 1260--A                          9

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
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 THIS CHAPTER. SUCH PROGRAM SHALL  BE  CONSISTENT  WITH  THE
STANDARDS  SET  FORTH  IN SECTION SIXTY-SIX-O 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

A. 1260--A                         10

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:
  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.