AgdaPkt 2014-09-22 Closed and Joint with SA

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ATTY/RESO.3016/CC FIG TREE PACE PROGRAM REV: 9-12-14 PT Page 1 of 15 RESOLUTION NO. ____________ RESOLUTION OF THE CITY COUNCIL OF REDWOOD CITY AUTHORIZING CITY TO JOIN THE FIGTREE PACE PROGRAM; AUTHORIZING THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY TO CONDUCT CONTRACTUAL ASSESSMENT PROCEEDINGS AND LEVY CONTRACTUAL ASSESSMENTS WITHIN THE TERRITORY OF THE CITY OF REDWOOD CITY AND RELATED ACTIVITIES; AND AUTHORIZING CITY MANAGER TO EXECUTE PROGRAM DOCUMENTS INCLUDING INDEMNITY AGREEMENT WHEREAS, the California Enterprise Development Authority ("CEDA") is a joint exercise of powers authority, comprised of cities and counties in the State of California, including the City Redwood City (the "City"); and WHEREAS, CEDA has adopted the Figtree Property Assessed Clean Energy (PACE) and Job Creation Program (the “Program” or “Figtree PACE”), to allow the financing of certain renewable energy, energy efficiency and water efficiency improvements (the "Improvements") through the levy of contractual assessments pursuant to Chapter 29 of Part 3 of Division 7 of the Streets & Highways Code ("Chapter 29"), and the issuance of improvement bonds or other evidences of indebtedness (the "Bonds") under the Improvement Bond Act of 1915 (Streets and Highways Code Sections 8500 et seq.) (the "1915 Act") upon the security of the unpaid contractual assessments; and WHEREAS, Chapter 29 provides that assessments may be levied under its provisions only with the free and willing consent of the owner of each lot or parcel on which an assessment is levied at the time the assessment is levied; and WHEREAS, the City desires to allow the owners of property (“Participating Parcel”) within its jurisdiction ("Participating Property Owners") to participate in Figtree PACE, and to allow CEDA to conduct assessment proceedings under Chapter 29 and to issue Bond s under the 1915 Act to finance the Improvements; and WHEREAS, participation in a contractual assessment program that is common to a number of cities and/or counties permits allows for administrative efficiencies and economies of scale that would not be p ossible if the City independently exercised its authority under Chapter 29 to create its own contractual assessment program; and WHEREAS, CEDA will conduct assessment proceedings to establish program area under Chapter 29 (the “District”) and issue Bonds under the 1915 Act to finance Improvements; and WHEREAS, there has been presented to this meeting a proposed form of Resolution of Intention to be adopted by CEDA in connection with such assessment proceedings (the "ROI"), a copy of which is attached hereto as Exhibit A; and 9.B. - Page 16