HomeMy WebLinkAboutRES NO 104-17RESOLUTION NO. 1 0 4 - 17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD TERMINATING THE E3 PROPERTY ASSESSED
CLEAN ENERGY (PACE) PROGRAM WITHIN THE CITY OF
BAKERSFIELD.
WHEREAS, since 2009, the City of Bakersfield has had a relationship with
California Municipal Finance Authority (CMFA) to issue bonds to finance projects
to provide economic development within the City of Bakersfield; and
WHEREAS, on September 16, 2015, the Bakersfield City Council adopted
Resolution No. 120 -15 allowing CMFA to offer its E3 PACE program within the
City's jurisdiction; and
WHEREAS, under existing law, PACE loans can only be offered in the City's
jurisdiction if the Bakersfield City Council first authorizes the offering; and
WHEREAS, the Bakersfield Association of Realtors and others have
submitted a significant body of evidence that has displayed negative
consequences in Bakersfield as a result of PACE loans including instances where
residents did not know a bill was going on their taxes, extremely out -of- market
pricing for improvements, disruptions to real estate transactions, out -of- market
interest costs, and other adverse impacts; and
WHEREAS, the repayment of PACE loans is placed as an assessment on
the borrower's property tax bill with priority lien status above even preexisting
mortgage obligations; and
WHEREAS, the Kern County Board of Supervisors, Bakersfield Chamber of
Commerce and the Kern County Taxpayers Association have taken formal
positions against PACE programs; and
WHEREAS, it is not in the public interest to continue to allow PACE loans to
be placed on tax bills for collection.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield as follows:
The above recitals are true and correct.
2. The E3 PACE program in the City of Bakersfield is hereby terminated
effective immediately and may no longer be offered as a financing option
within the City's jurisdiction.
3. Resolution No. 120 -15 is hereby rescinded.
4. The rescission of Resolution No. 120 -15 is not intended to effect City's
relationship with CMFA for other non -PACE programs. oF0�fF9
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5. City staff is directed to take all necessary steps to facilitate
termination of the E3 PACE program.
1 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
JUL 19 2017 , by the following vote:
✓ ✓ ✓
AYE 5 COUNCILMEMBER: RIVERA, GONZALES. WEIR, SMHH, FREEMAN, SULLIVAN, EARLIER
NOES: COUNCILMEMBER: Nr
ABSTAIN: COUNCILMEMBER:
SENL COUNCILMEMBER:
APPROVED
JUL 19 7017
By
KA EN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
By — a44,0
ANDREW HEG D
Deputy City Attorney
AHall
sncoumaiv ,1oev- 1EvVacPJ FACE E—
CHRIST�OPHE dGdGERRY
ACTING CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
of
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