Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
property: includes both real and personal property. See Alabama Code 1-1-1
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
(1) Adopt a resolution of intent that includes all of the following:
a. A finding that financing qualified projects through assessments is a valid public purpose.b. A statement that the local government intends to make assessments to repay financing for qualified projects available to real property owners.c. A description of the types of qualified projects eligible for the program.d. A description of the boundaries of the designated region.e. A statement of the time and place for a public hearing on the proposed program.(2) Hold a public hearing at which the public may comment on the proposed program.(3) Adopt a resolution establishing the program and the terms of the program, including a description of each aspect of the program that may be amended only after another public hearing is held.(b) Subject to the terms of the resolution establishing the program, the governing body of a local government may amend a program by resolution.(c) A local government may do both of the following:
(1) Hire and set the compensation of a program administrator and program staff.(2)Contract for professional services necessary to administer a program.(d) A local government may impose fees to offset the costs of administering a program. The fees authorized by this subsection may be assessed as any of the following:
(1) A program application fee paid by the real property owner requesting to participate in a program.(2) A component of the interest rate on the assessment in the written contract between the local government and the real property owner.(3) A combination of subdivisions (1) and (2).
