17 - Establishing City of Paris Texas PACE - Property Assessed Clean Energy Program

Home Browse Search

SECTION 6. Third -Party. Financing for qualified projects under the Program will be provided by qualified third -party lenders chosen by the owners. Such lenders will execute written contracts with the Authorized Representative or the non-profit administrator to service the debt through assessments, as required by the PACE Act. The contracts will provide for the lenders to determine the financial ability of owners to fulfill the financial obligations to be repaid through assessments, advance the funds to owners on such terms as are agreed between the lenders and the owners for the installation or modification of qualified projects, and service the debt secured by the assessments, directly or through a servicer, by collecting payments from the owners pursuant to financing documents executed between the lenders and the owners. City will maintain and continue the assessments for the benefit of such lenders and will enforce the assessment lien for the benefit of a lender in the event of a default by an owner. City will not, at this time, provide financing of any sort for the PACE program. SECTION 7. Authorized Representative. Initially, the City Manager will be designated as the Authorized Representative with authority to enter into written contracts with the record owners of real property in City to impose assessments pursuant to the PACE Act to repay the financing of qualified projects on the owners' property and enter into written contracts with the parties that provide third -party financing for such projects to service the debts through assessments. The City Manager, in consultation with the City Attorney, may delegate authority to enter into such contracts and to administer the Program on behalf of the City to a qualified organization that can administer the Program at no cost to the City. Such administrative services may be supported by transaction fees paid by the parties obtaining PACE loans to enable the Program to be administered without or nearly without use of City resources, will assure the objectives of impartiality and confidentiality of owner information, and will be convenient and advantageous to City. Following any such delegation, the City Manager or his/her designee will be the liaison with the organization serving as the Authorized Representative. SECTION B. Enforcement. The City will enforce the collection of past due assessments and may contract with a qualified law firm to assist in collection efforts. SECTION 9. Report. The final report on the Program, prepared in accordance with Section 399 of the PACE Act is attached and incorporated into this resolution. The City will post the report on the City website. SECTION 10. Amendment of Program. The City Council may amend the Program by resolution; however, another public hearing is required before the Program may be amended to provide for City financing of qualified improvements through assessments. -3-