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WHEREAS, pursuant to Chapter 29, the City authorizes CEDA to conduct <br />assessment proceedings, levy assessments, pursue remedies in the event of <br />delinquencies, and issue bonds or other forms of indebtedness to finance the <br />Improvements in connection with Figtree PACE; and <br />WHEREAS, to protect the City in connection with operation of the Figtree PACE <br />program, Figtree Energy Financing, the program administrator, has agreed to defend <br />and indemnify the City; and <br />WHEREAS, the City will not be responsible for the conduct of any assessment <br />proceedings, the levy of assessments, any required remedial action in the case of <br />delinquencies, the issuance, sale or administration of the bonds or other indebtedness <br />issued in connection with Figtree PACE. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport <br />Beach as follows: <br />SECTION 1: <br />A. The City is a municipal corporation in good standing. <br />B. City Council hereby finds and determines that the Program and issuance <br />of Bonds by CEDA in connection with Figtree PACE will provide significant public <br />benefits, including without limitation, savings in effective interest rates, bond <br />preparation, bond underwriting and bond issuance costs and reductions in effective user <br />charges levied by water and electricity providers within the boundaries of the City. <br />C. The City Council hereby appoints CEDA as its representative to (i) record <br />the assessment against the Participating Parcels, (ii) administer the District in <br />accordance with the Improvement Act of 1915 (Chapter 29 Part 1 of Division 10 of the <br />California Streets and Highways Code (commencing with Section 8500 et seq.) (the <br />"Law "), (iii) prepare program guidelines for the operations of the Program and (iv) <br />proceed with any claims, proceedings or legal actions as shall be necessary to collect <br />past due assessments on the properties within the District in accordance with the Law <br />and Section 6509.6 of the California Government Code. The City is not and will not be <br />deemed to be an agent of Figtree or CEDA as a result of this Resolution, <br />D. In connection with Figtree PACE, the City Council hereby consents to the <br />special assessment proceedings by CEDA pursuant to Chapter 29 on any property <br />within the Boundaries and the issuance of Bonds under the 1915 Act, provided that: <br />1. Such proceedings are conducted pursuant to one or more Resolutions of <br />Intention in substantially the form of the ROI; <br />