RES 18-994 - Laserfiche WebLink

(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 apter 29 and (b) it is in the public interest for CEDA to finance the installation of Authorized. provements in the County pursuant to Chapter 29. s Section 3. Identification of Authorized Improvements. t..z9 A ::0 e eby declares its -744:rr, intention to make contractual assessment financing av liable to prop- , owners to finance installation of Authorized Improvements, including but not imited to thos- i`mprovemeets detailed in the Report described in Section 8 hereof(the "R port"), as that Repo _..#a' be amended from time to time. f =�= `-::: Section 4. Identification of Bound- res. Cont'-otual assessme is may be entered into by property owners located within_tke entiregeograterrito ` p>ic o : ie-City including . unincorporated territory within City B. : f . ..._.es. A P:Qee°,y owner locate• within a City within the City may enter into contractual ass . is wit ` .A only after such City has adopted a resolution to authorize participation in th= „A: a 'ro r ;' Section 5. Propos.,d Financing-Arrangements, rider Chapter 29, CEDA may issue bonds, notes or other forms'o, ;de: edness •eBo=cls ) pursuant to Chapter 29 that are payable by contractual assess -ests.! 5i ision ID (comWencing with Section 8500) of the Streets & Highwa,s;,;,Gode of the tate (th p-ovement Bond Act of 1915") shall apply to any indebtedness iss ed{®u=s ant to C ter 29, ins.. ar as the Improvement Bond Act of 1915 is not in conflict with 6`. .. "--,:2"I''. .,-. The cr k orthiness of a property owner to participate in the financing_.of,A uthorizeol€fmpr•`-2.e,ts wi 1oe based on the criteria developed by Figtree Energy Financi ' "`- "Progra- ::Adm':"s r or .upon consultation with Figtree PACE Program unde . r:ers or other fina`ci-: :eprese> e Ives, CEDA general counsel and bond counsel, and as sh be approved by t'".-:oard of Directors of CEDA. In connection with indebtedness issued :!:1j$ al ovemet Bond Act of 1915 that are payable from contractual assessmer(; sena anc4, term improvement bonds or other indebtedness shall be issued in such series and shall m e in such principal amounts and at such times (not to exceed 20 years from the second d= fof 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 Directorsat 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