HomeMy WebLinkAboutRES NO 040-13(1)RESOLUTION NO. 040-13(l)
AMENDED RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BAKERSFIELD, STATE OF CALIFORNIA,
CONSENTING TO INCLUSION OF PROPERTIES WITHIN THE
INCORPORATED AREA OF THE CITY IN THE KERN COUNTY
PROPERTY ASSESSED CLEAN ENERGY PROGRAM TO
FINANCE DISTRIBUTED GENERATION RENEWABLE ENERGY
SOURCES AND ENERGY AND WATER EFFICIENCY
IMPROVEMENTS, APPROVING THE REPORT SETTING FORTH
THE PARAMETERS OF THE REFERENCED PROGRAM AND
CERTAIN MATTERS IN CONNECTION THEREWITH
WHEREAS, on April 17, 2013, CITY adopted Resolution 040 -13 ( "the
Resolution "), which authorized the California Enterprise Development Authority
( "CEDA ") to implement its Figtree Property Assessed Clean Energy and Job
Creation Program ( "Figtree PACE ") within CITY's jurisdiction through which CEDA
would finance, through assessments on the property to be benefited, renewable
generation and energy efficient and water savings equipment on improved
commercial and industrial property; and
WHEREAS, the Resolution authorized the City Manager to execute a
Participation Agreement with CEDA, which was attached to the Resolution, to
allow CEDA to offer the Figtree PACE program to designated property owners
within City's jurisdiction; and
WHEREAS, the Participation Agreement specifically prohibited CEDA from
offering the Figtree PACE program to residential property owners with mortgage
liens due to the City Council's concerns that Fannie Mae and Freddie Mac
could take negative action against residential borrowers within the City who
participated in the Figtree PACE program, which gave the Figtree PACE
assessment first priority position over existing mortgages on the property; and
WHEREAS, since the Resolution was adopted, City Council has become
more comfortable with the status of residential PACE programs, like Figtree
PACE, due to the creation of a loss reserve account by the State of California
designed to address some of the concerns of Fannie Mae and Freddie Mac and
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the wide - spread proliferation of residential PACE programs throughout
California; and
WHEREAS, the City Council desires to allow CEDA to offer the Figtree PACE
program to residential property owners with mortgage liens within the City's
jurisdiction; and
WHEREAS, the attached amendment to the Participation Agreement will
allow the Figtree PACE program to be offered to residential property owners
with mortgage liens within the City's jurisdiction.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Bakersfield
hereby amends Resolution 040 -13 as follows:
1. The Participation Agreement attached as Exhibit A to Resolution
040-13 is hereby replaced by the attached Amendment No. 1 to Agreement No.
13 -040.
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ORIGINAL
HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by the Council of the City of Bakersfield at a regular meeting thereof held on
MAR n L 7015 , by the following vote:
✓ ,/ •00" ✓ ✓ ✓
COUNCIL MEMBER R%VMMAXWELL, WEIR, SMITH, HANSON,
NOES: COUNCIL MEMBER
ABSTAIN: COUNCIL MEMBER
BSE T: COUNCIL MEMBER %%/VAX --
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ROBERTA GAFFORD, CMqf
CITY CLERK and Ex Officib Jerk of the
Council of the City of Bakersfield
APPROVED MAR 0 i+ 2915
By
HARVEY L. HALL
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Atto y
By
ANDREW HEGLLIND
Deputy City Attorney
AH /A
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