Title
Resolution Authorizing Property Assessed Clean Energy (PACE) Bonds
Memorandum
Pursuant to the Property Assessed Clean Energy Act, Act 270, Public Acts of Michigan, 2010 (the “PACE Act”), the City’s Property Assessed Clean Energy Program Report (the “Report”) as approved by Resolution of the City Council adopted on October 3, 2011, and the Revised Municipal Finance Act, Act 34, Public Acts of Michigan, 2001, as amended (“Act 34”), the City is authorized to issue and sell Property Assessed Clean Energy Bonds
Passage of this Resolution will permit and authorize the Chief Financial Officer and the Treasurer to negotiate the sale of the Bonds to one or more financial institutions on a direct placement basis. The proceeds of the bonds will be used to finance the costs of certain energy efficiency improvements and renewable energy systems to be acquired and installed on certain private properties located within the City who have applied to participate in the program and identified on Exhibit A. Participation of the listed properties is subject to a final determination based on PACE program requirements.
The bonds shall not be general obligations of the City, but shall be secured solely by the assessment revenues and the Reserve Fund. The City shall borrow an amount not to exceed $1,000,000.00.
The City’s bond counsel, Dykema Gossett, prepared the notice with further review by the City Attorney.
Staff
Prepared by: Matthew Horning, City Treasurer
Reviewed by: Tom Crawford, Financial Services Area Administrator, CFO
Mary Joan Fales, Senior Assistant City Attorney
Approved by: Steven D. Powers, City Administrator
Sponsored by: Mayor Hieftje and Councilmember Teall
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
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RESOLUTION AUTHORIZING PROPERTY ASSESSED CLEAN ENERGY BONDS
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 4th d...
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