The District may provide for direct private financing to property owners for the purpose of financing eligible renewable energy improvements, as follows.
(A) Only entities which are certified by the financial institutions division of the regulation and licensing department as a solar energy improvement financing institutions shall be eligible to participate as direct lenders under this § 4-11-12.
(B) An entity wishing to participate as a lender under this § 4-11-12 shall execute an agreement with the District specifying the procedures by which the parties shall transfer any funds which are to be transferred pursuant to the Ordinance. The agreement shall specify that neither the District nor the city is liable in any way for the debt of the property owner, neither is a third party obligor and neither is pledging or lending its credit to the owner or the lender.
(C) If the District shall provide for direct private financing, an owner's application and agreement for property to be included in a special assessment shall specify the private entity lender, and all payment terms.
(D) Upon the District's approval of an application and agreement for a special assessment with private financing and the lender's payment of any applicable administrative fees to the District, the lender shall be authorized to release funds to the property owner or the vendor of the eligible improvements. Prior to the release of funds, the lender or District shall cause to be filed a special assessment lien for the benefit of the financing entity and District. Such lien shall be as otherwise provided in this article, and shall be released upon the owner's repayment of all amounts financed, and any additional interest or charges due to late payments. That the associated special assessment resolution may be enacted subsequent to the filing of a special assessment lien shall not invalidate such lien.
(E) The District shall promptly transfer monies received from an owner's payments of a special assessment which are due to a private lender to that private lender.