55C - RESO - PACE PROGRAM - Laserfiche WebLink

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E. 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 of Santa Ana (the "City "). F. 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 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. 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. G. 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 Bonds under the 1915 Act to finance the Improvements. CEDA will conduct assessment proceedings under Chapter 29 to establish an assessment district (the "District') and issue Bonds underthe 1915 Act to finance Improvements. H. There has been presented to this meeting a sample 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 B and incorporated herein by this reference. Such an ROI sets forth the territory within which assessments may be levied for Figtree PACE which territory shall be coterminous with the City's official boundaries of record at the time of adoption of the ROI (the "Boundaries"), Pursuant to Chapter 29, the City authorizes CEDA to conduct assessment proceedings, levy assessments, pursue remedies in the event of delinquencies, and issue bonds or other forms of indebtedness to finance the Improvements in connection with Figtree PACE. J. To protect the City in connection with operation of the Figtree PACE program, Figtree Energy Financing, the program administrator, has agreed to defend and indemnify the City. K. The City will not be responsible for the conduct of any assessment proceedings, the levy of assessments, any required remedial action in the 55C -4