Laserfiche WebLink
RESOLUTION NO. 2014 -94 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT <br />BEACH AUTHORIZING THE CITY TO JOIN THE FIGTREE PACE <br />PROGRAM, AND AUTHORIZING THE CALIFORNIA ENTERPRISE <br />DEVELOPMENT AUTHORITY TO CONDUCT CONTRACTUAL <br />ASSESSMENT PROCEEDINGS AND LEVY CONTRACTUAL <br />ASSESSMENTS WITHIN THE TERRITORY OF THE CITY OF <br />NEWPORT BEACH <br />WHEREAS, the California Enterprise Development Authority ( "CEDA ") is a joint <br />exercise of powers authority, comprised of cities and counties in the State of California, <br />including the City the City of Newport Beach (the "City "); and <br />WHEREAS, CEDA has adopted the Figtree Property Assessed Clean Energy <br />(PACE) and Job Creation Program (the "Program" or " Figtree PACE "), to allow the <br />financing of certain renewable energy, energy efficiency and water efficiency <br />improvements (the "Improvements ") through the levy of contractual assessments <br />pursuant to Chapter 29 of Division 7 of the Streets & Highways Code ( "Chapter 29 "), <br />and the issuance of improvement bonds or other evidences of indebtedness (the <br />"Bonds ") under the Improvement Bond Act of 1915 (Streets and Highways Code <br />Sections 8500 et seq.) (the "1915 Act ") upon the security of the unpaid contractual <br />assessments; and <br />WHEREAS, Chapter 29 provides that assessments may be levied under its <br />provisions only with the free and willing consent of the owner of each lot or parcel on <br />which an assessment is levied at the time the assessment is levied; and <br />WHEREAS, the City desires to allow the owners of property ( "Participating <br />Parcel ") within its jurisdiction ( "Participating Property Owners ") to participate in Figtree <br />PACE, and to allow CEDA to conduct assessment proceedings under Chapter 29 and <br />to issue Bonds under the 1915 Act to finance the Improvements; and <br />WHEREAS, CEDA will conduct assessment proceedings under Chapter 29 to <br />establish an assessment district (the "District ") and issue Bonds under the 1915 Act to <br />finance Improvements; and <br />WHEREAS, there has been presented to this meeting a proposed form of <br />Resolution of Intention to be adopted by CEDA in connection with such assessment <br />proceedings (the "ROI "), a copy of which is attached hereto as Exhibit A; and <br />WHEREAS, said ROI sets forth the territory within which assessments may be <br />levied for Figtree PACE which territory shall be coterminous with the City's official <br />boundaries of record at the time of adoption of the ROI (the "Boundaries "); and <br />