§ 107-6. City manager authorization; loan agreements.

(a)

A draft contract specifying the terms and conditions of C-PACE loan agreements is adopted as an appendix to this chapter. Each C-PACE loan agreement shall be in substantially the form established by the draft contract, with such additions, deletions or alterations as permitted by this article.

(b)

The city manager is authorized to enter into C-PACE loan agreements on behalf of the city. The city manager may procure program administration services if needed, to the extent that funds for this purpose are appropriated.

(c)

The parties to any C-PACE loan agreement shall be the borrower, the capital provider, and the city.

(d)

The city manager may not execute any C-PACE loan agreement unless the conditions for the priority status of the voluntary special assessment lien are met, in addition to the underwriting requirements.

(e)

The C-PACE loan documents shall include provisions for the amendment of the C-PACE loan agreement. No capital provider or borrower may amend any C-PACE loan agreement without consent of the city, as evidenced by the signature of the city manager, which shall not be unreasonably withheld, conditioned or delayed.

(Ord. No. 19-37, § 1, 7-2-2019)

(Ord. No. 19-37, § 1, 7-2-2019)