HomeMy WebLinkAbout14-14 PACECITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
March 26, 2013
No. 14-14
RESOLUTION DESIGNATING THE PORT AUTHORITY
TO IMPLEMENT AND ADMINISTER A PROJECT
ASSESSED CLEAN ENERGY IMPROVEMENT
FINANCING ON BEHALF OF THE CITY, AND
PROVIDING FOR THE IMPOSITION OF SPECIAL
ASSESSMENTS AS NEEDED IN CONNECTION WITH
THAT PROGRAM
BE IT RESOLVED by the City Council of the City of Falcon Heights (the "City"),
as follows:
1. The Port Authority of the City of Saint Paul (the "Port Authority") has
established the Property Assessed Clean Energy Program ("PACE OF MN") to finance
the acquisition and construction or installation of energy efficiency and conservation
improvements (the "Improvements"), on properties located throughout the State of
Minnesota through the use of special assessments pursuant to Minnesota Statutes
Sections 216C.435 and 216C.436 and Chapter 429 (the "Act').
2. The City has received and approved one or more applications and
petitions for Special Assessments from owners of property located in the City desiring
to participate in and receive financing pursuant to the Act.
3. In order to finance the Improvements, the City hereby determines that it is
beneficial to participate in PACE OF MN, and to designate the Port Authority as the
implementor and administrator of that program on behalf of the City for purposes of
financing Improvements located within the City.
4. The City understands that the Port Authority will issue its PACE OF MN
special assessment revenue bond(s) to finance the Improvements, and that the sole
security for the bond(s) will be special assessments imposed by the other cities
participating in PACE OF MN.
5. To facilitate and encourage the financing of Improvements located within
the City, the City covenants to levy assessments for said Improvements on the property
so benefitted, in accordance with the Application and Petition for Special Assessments
received from the owner(s) of the Property and approved by the Port Authority. The
interest rate on the Special Assessments shall be the interest rate on the Bond(s), plus
6. After imposition of the special assessments, the City shall collect such
assessments and remit them to the Port Authority for use in the repayment of the
Bond(s). The City will take all actions permitted by law to recover the assessments,
including without limitation, reinstating the outstanding balance of assessments when
the land returns to private ownership, in accordance with Minn. Stat. Section 429.071,
Subd. 4.
7. The Mayor and City Clerk are authorized to execute on behalf of the City,
any documents, certificates or agreements necessary to implement the program
authorized by this resolution.
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Moved by: L o,3 Approved by: ^is ('—
eter Lindstrom, Mayor
July 23, 2014
LINDSTROM S In Favor Attested by: Jia
GOSLINE Bart Fischer
HARRIS Against City Administrator
LONG July 23, 2014
MERCER -TAYLOR