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commercial loans for that purpose are due on the sale of the property, <br />prevents many property owners from installing Authorized Improvements. <br />(d) A public purpose will be served by establishing a contractual assessment <br />program, to be known as Figtree PACE, pursuant to which CEDA will <br />finance the installation of Authorized Improvements to residential, <br />commercial, industrial, or other real property in the County. <br />Section 2. Determination of Public Interest. The Board of Directors hereby <br />determines that (a) it would be convenient, advantageous, and in the public interest to <br />designate an area, which shall encompass the entire geographic territory within the <br />boundaries of the County, within which CEDA and property owners within the County <br />may enter into contractual assessments to finance the installation of Authorized <br />Improvements pursuant to Chapter 29 and (b) it is in the public interest for CEDA to <br />finance the installation of Authorized Improvements in the County pursuant to Chapter <br />29, <br />Section 3. Identification of Authorized Improvements. CEDA hereby <br />declares its intention to make contractual assessment financing available to property <br />owners to finance installation of Authorized Improvements, including but not limited to <br />those improvements detailed in the Report described in Section 8 hereof (the `Report "), <br />as that Report may be amended from time to time. <br />Section 4. Identification of Boundaries. Contractual assessments may be <br />entered into by property owners located within the entire geographic territory of the <br />County including unincorporated territory within County Boundaries. A property owner <br />located within a City within the County may enter into contractual assessments with <br />CEDA only after such City has adopted a resolution to authorize participation in the <br />PACE Program. <br />Section 5. Proposed Financing Arrangements. Under Chapter 29, CEDA <br />may issue bonds, notes or other forms of indebtedness (the 'Bonds') pursuant to <br />Chapter 29 that are payable by contractual assessments. Division 10 (commencing <br />with Section 8500) of the Streets & Highways Code of the State (the "Improvement <br />Bond Act of 1915 ") shall apply to any indebtedness issued pursuant to Chapter 29, <br />insofar as the Improvement Bond Act of 1915 is not in conflict with Chapter 29. The <br />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 <br />"Program Administrator ") upon consultation with Figtree PACE Program underwriters or <br />other financial representatives, CEDA general counsel and bond counsel, and as shall <br />be approved by the Board of Directors of CEDA. In connection with indebtedness <br />issued under the Improvement Bond Act of 1915 that are payable from contractual <br />assessments, serial and /or term improvement bonds or other indebtedness shall be <br />issued in such series and shall mature in such principal amounts and at such times (not <br />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 <br />55C -14 <br />