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ATTY/RESO.3016/CC FIG TREE PACE PROGRAM <br />REV: 9-12-14 PT <br />Page 7 of 15 <br /> <br />necessary to address the issue of global climate change and the reduction of <br />greenhouse gas emissions in the City. <br /> <br />(c) The upfront cost of making residential, commercial, industrial, or other real property <br />more energy and water efficient, along with the fact that most commercial loans for <br />that purpose are due on the sale of the property, prevents many property owners from <br />installing Authorized Improvements. <br /> <br />(d) A public purpose will be served by establishing a contractual assessment program, to <br />be known as Figtree PACE, pursuant to which CEDA will finance the installation of <br />Authorized Improvements to residential, commercial, industrial, or other real <br />property in the City. <br /> <br />Section 2. Determination of Public Interest. The Board of Directors hereby determines <br />that (a) it would be convenient, advantageous, and in the public interest to designate an area, which <br />shall encompass the entire geographic territory within the boundaries of the City, within which <br />CEDA and property owners within the City may enter into contractual assessments to finance the <br />installation of Authorized Improvements pursuant to Chapter 29 and (b) it is in the public interest <br />for CEDA to finance the installation of Authorized Improvements in the City pursuant to Ch apter <br />29. <br /> <br />Section 3. Identification of Authorized Improvements. CEDA hereby declares its <br />intention to make contractual assessment financing available to property owners to finance <br />installation of Authorized Improvements, including but not limited to those improvements detailed <br />in the Report described in Section 8 hereof (the “Report”), as that Report may be amended from <br />time to time. <br /> <br />Section 4. Identification of Boundaries. Contractual assessments may be entered into by <br />property owners located within the entire geographic territory of the City. <br /> <br />Section 5. Proposed Financing Arrangements. Under Chapter 29, CEDA may issue <br />bonds, notes or other forms of indebtedness (the “Bonds”) pursuant to Chapter 29 that are payable <br />by contractual assessments. Division 10 (commencing with Section 8500) of the Streets & <br />Highways Code of the State (the “Improvement Bond Act of 1915”) shall apply to any indebtedness <br />issued pursuant to Chapter 29, insofar as the Improvement Bond Act of 1915 is not in conflict with <br />Chapter 29. The creditworthiness of a property owner to participate in the financing of Authorized <br />Improvements will be based on the criteria developed by Figtree Energy Financing (the “Program <br />Administrator”) upon consultation with Figtree PACE Program underwriters or other financial <br />representatives, CEDA general counsel and bond counsel, and as shall be approved by the Board of <br />Directors of CEDA. In connection with indebtedness issued under the Improvement Bond Act of <br />1915 that is payable from contractual assessments, serial and/or term improvement bonds or other <br />indebtedness shall be issued in such series and shall mature in such principal amounts and at such <br />times (not to exceed 20 years from the second day of September next following their date), and at <br />such rate or rates of interest (not to exceed the maximum rate permitted by applicable law) as shall <br />be determined by Board of Directors at the time of the issuance and sale of the indebtedness. The <br />provisions of Part 11.1 of the Improvement Bond Act of 1915 shall apply to the calling of the <br />9.B. - Page 22