Rhode Island Code of Regulations
Title 830 - Infrastructure Bank
Chapter 10 - Programs
Subchapter 05 - Energy
Part 2 - Rhode Island Commercial Property Assessed Clean Energy Regulations (RI C-PACE)
Section 830-RICR-10-05-2.13 - Security

The RI C-PACE financing is secured by the special assessment and corresponding lien on the subject property. The RI C-PACE assessment has priority over all private liens on the property, and is junior in priority to a municipal tax lien. The RI C-PACE assessment will be placed on a RI C-PACE property owner's property tax or other municipal bill in which the PACE property is located, collected by the RI C-PACE municipality and/or third-party entity acting on behalf of the municipality and remit those funds to Bank to be remitted to the capital provider. The RI C-PACE assessment shall be owed by the current owner of the related RI C-PACE property as of the time each RI C-PACE assessment comes due. In the event of a transfer of ownership, including by tax sale, in accordance with R.I. Gen. Laws § 44-9-32, as amended, all RI C-PACE assessments coming due after the date of the transfer, by tax sale, in accordance with R.I. Gen. Laws § 44-9-32, or foreclosure or otherwise, shall be owned by the transferee. The remedies available to capital providers in the case of a payment default are the same as are available to holders of other special assessments, including penalty interest and, in extreme cases, foreclosure and sale of the property at a tax lien sale.