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Section 6-16.5 Levy- of Property Assessed Financing Assessment:_Report to Council. • (a) The Director shall levy the property - assessed financing assessment on-each property in the amount approved and certified by the authority_ to the director in - accordance with the_ financing flprogram. administration agreement. No action by the Council-shall be required for any such levy so approved and certified by the"authority. (b): The. Director shall file a report n assessments.Council Such report making of each levy of'propert\�' assessed financing shall:-:(i) identify the property- owner, the pro x erty the property assessed financing:lender. and the 'qualifying- improvements being financed:, and (ii) specif i the amount and-term of the financing obligation and the amount of the property. assessed financing assessment with respect to the financing •obligation. • Section 6-16.6 Notice of .Levu: Disclosure Statement upon Sale of Property. (a)- The propert\r assessed financing lender with respect to'each :property, assessed financing assessment contract. or the authority on behalf of such lender..shall record 'such contract or a summary memorandum of the :"contract: together with the applicable notice of levy`. .in the land records for the "ro`"erty maintained.by the Bureau of Conveyances or Land Court. as applicable, within five (5) days after execution by the parties to the contract. Such recordation shall :provide constructive notice of the levy of, and obligation of the "property owner to pats:- the property' assessed financing assessmen_ t on the property and of the hen of such assessment on the • property. In addition to the foregoing. at or before the time-a Purchaser executes a contract for the sale and purchase of_ any iroaerty_for which a non-ad valorem special tax assessment has been. levied under this Chapter and_ has a n unpaid balanced due, the seller shall give the prospective ;purchaser a written disclosure-statement notifnng.the prospective purchaser .of the,t-iroc erty assessed financing assessment., Section 6-16.7 Lien on Property: Term of Lien. The property-_assessed financing assessment levied on the iroperty- shall be. a-non-ad- valorem special-tax assessment and. a- lien.. against the proerty on a'parity -with'the lien of real property taxes and the lien of any assessments levied- under other assessment ordinances from the date of recordation of the applicable property assessed financing assessment contract pursuant to Section 6-16.6 until paid or satisfied in accordance with such contract. _ Upon payment or -satisfaction of the property assessed financing. asse ssment contract, the property assessed--financing lender. or the authority.: on behalf of such- lender. shall record .a n instrument evidencing'- the termination of the hen in the land records for the property. 5 Bill No. 2912