2021-021 - Resolution of Intent to Establish a PACE Program

Home Browse Search

consumption or demand, including a product, device, or interacting group of products or devices on the customer's side of the meter that uses energy technology to generate electricity, provide thermal energy, or regulate temperature. An assessment may not be imposed to repay the financing of facilities for undeveloped lots or lots undergoing development at the time of the assessment or the purchase or installation of products or devices not permanently fixed to real property. 5. The boundaries of the entire geographic area within the City's jurisdiction are the boundaries of the region where PACE financing and assessments can occur 6. Financing for qualified projects under the PACE program will be provided by qualified third -party lenders chosen by the owners. Such lenders will execute written contracts with the City's authorized representative to service the 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 contracts executed between the lenders and the owners. The lender contracts will provide that the City will maintain and continue the assessments for the benefit of such lenders and enforce the assessment lien for the benefit of a lender in the event of a default by an owner. The City of Paris will not, at this time, provide financing of any sort for the PACEroaram,p 7. The City will contract with Texas PACE Authority, a qualified non-profit organization to be the independent third -party Authorized Representative. 8. The City will consult with the County Tax Assessor/Collector for Lamar County. 9. The report on the proposed PACE program prepared as provided by Tex. Local Gov't Code Sec. 399.009, is available for public inspection on the City's Internet website and in the office of the City Manager at 135 SE Ist Street, Paris, Texas and is incorporated in this resolution and made a part hereof for all purposes. 10. The City Council will hold a public hearing on the proposed PACE program and report on August 9 at 5:30 p.m. in the City Council Chamber, 107 E. Kaufman, Paris, Texas.