(a) The following provisions are required in a guaranteed energy cost savings contract:
(1) A statement that the municipality or county shall maintain and operate the energy efficiency project as defined in the guaranteed energy cost savings contract; and
(2) A guarantee by the qualified provider that:
(A) The energy cost savings and operating cost savings to be realized over the term of the guaranteed energy cost savings contract meet or exceed the costs of the energy efficiency project; and
(B) If the annual energy or operating cost savings fail to meet or exceed the annual costs of the energy efficiency project as required by the guaranteed energy cost savings contract, the qualified provider shall reimburse the municipality or county for any shortfall of guaranteed energy cost savings over the term of the guaranteed energy cost savings contract.
(b) The maximum term for a guaranteed energy cost savings contract is twenty (20) years after the implementation of the energy efficiency project.
(c) Before entering into a guaranteed energy cost savings contract, the municipality or county shall require the qualified provider to file with the municipality or county a payment and performance bond or similar assurance.
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