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(1) An assessment levied within an energy assessment area may not, in the aggregate, exceed the sum of:
(a) the contract price or estimated contract price;
(b) overhead costs not to exceed 15% of the sum of the contract price or estimated contract price;
(c) an amount for contingencies of not more than 10% of the sum of the contract price or estimated contract price, if the assessment is levied before the completion of the construction of the improvements in the energy assessment area;
(d) capitalized interest; or
(e) an amount sufficient to fund a reserve fund.
(2) A local entity may only use the proceeds of an energy assessment bond or any third-party financing to refinance or reimburse the costs of improvements authorized under this chapter if the property owner incurred or financed the costs no earlier than three years before the day on which the local entity:
(a) adopts a parameters resolution;
(b) adopts an energy assessment resolution or ordinance; or