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(d) A public purpose will be served by establishing a contractual assessment program, to be known as Figtree PACE, pursuant to which CEDA will finance the installation of Authorized Improvements to residential, commercial, industrial, or other real property in the City. Section 2. Determination of Public Interest. The Board of Directors hereby determines that (a) it would be convenient, advantageous, and in the public interest to designate an area, which shall encompass the entire geographic territory within the boundaries of the City, within which CEDA and property owners within the City may enter into contractual assessments to finance the installation of Authorized Improvements pursuant to Chapter 29 and (b) it is in the public interest for CEDA to finance the installation of Authorized I ; •covements in the County pursuant to Chapter 29. Section 3. Identification of Authorized Improvements. f-ED Hereby declares its intention to make contractual assessment financing available to prope y�owners to finance installation of Authorized Improvements, including but , limited to thimprovements detailed in the Report described in Section 8 hereof(the". eport"), as that eport n be amended from time to time. "< Section 4. Identification of Boundari s. Contactual assessmentsray be entered into by property owners located within tie entire eograp,hic territo o the City including unincorporated territory within City Boundaries. AtOmpeiVowner locatedvithin a City within the City may enter into contractual assessments with g:EDA only after such City has adopted a resolution to authorize participation in the PACE Program, 4 :: Section 5. Proposed Financing Arrangements. Un.er Chapter 29, CEDA may issue bonds, notes or other forms of indebtednes the Bonds ) pursuant to Chapter 29 that are payable by contractual assessments :Division 0 (corn ncing with Section 8500) of the Streets & Highways Code of the- tate (the•"Irnp.}:vement Bond Act of 1915") shall apply to any indebtedness iss uan,t to Chapter 29, in r as the Improvement Bond Act of 1915 is not in conflict with Cpter -_ The creditworthiness of a property owner to participate in the financing of Authorize"` Improvernents will be based on the criteria developed by Figtree Energy Financi (the "PrograTedministratorn) upon consultation with Figtree PACE Program underwriters or other financial prey atives, CEDA general counsel and bond counsel, and as shallbe approved by thBoard of Directors of CEDA. In connection with indebtedness issued under the Improvement Bond Act of 1915 that are payable from contractual assessments, sena or an improvement bonds or other indebtedness shall be issued in such series and shall mat re iisuch principal amounts and at such times (not to exceed 20 years from the second da. .f September next following their date) and at such rate or rates of interest (not to exceed - -maximum rate permitted by applicable law) as shall be determined by the Board of Directors`- the time of the issuance and sale of the indebtedness. The provisions of Part 11.1 of the Improvement Bond Act of 1915 shall apply to the calling of the bonds. It is the intention of the Board of Directors to create a special reserve fund for the bonds under Part 16 of the Improvement Bond Act of 1915. Neither CEDA, nor any of its members participating in the Figtree PACE Program, shall advance available surplus funds from its treasury to cure any deficiency in the redemption fund to be created with respect to the indebtedness; provided, however, that this determination shall not prevent CEDA or any of its members from, in their sole discretion, so advancing funds. The Bonds may be refunded under Division 11.5 of the California Streets and Highways Code or other applicable laws permitting refunding, upon the conditions specified by and upon determination of CEDA.