HomeMy WebLinkAbout16-160RESOLUTION NO. 2016-160
A RESOLUTION OF THE ST. LUCIE COUNTY
SUSTAINABILITY DISTRICT APPROVING A FIRST
AMENDMENT TO THE FUNDING AGREEMENT BETWEEN
THE DISTRICT, THE SOLAR AND ENERGY LOAN FUND OF
ST. LUCIE COUNTY, INC. AND INLAND ST. LUCIE PACE,
LLC IN ORDER TO, AMONG OTHER THINGS, EXTEND THE
MATURITY DATE OF THE LINE OF CREDIT
CONTEMPLATED BY THE FUNDING AGREEMENT AND
PROVIDE THAT QUALIFYING IMPROVEMENTS MAY BE
FINANCED FOR RESIDENTIAL PROPERTIES;
AUTHORIZING THE CHAIR AND OTHER DISTRICT
OFFICIALS TO TAKE SUCH ACTIONS AND EXECUTE SUCH
OTHER DOCUMENTS AS MAY BE NECESSARY TO
EFFECTUATE THE PURPOSES HEREOF; AND PROVIDING
AN EFFECTIVE DATE.
BE IT RESOLVED BY THE GOVERNING BOARD OF THE ST. LUCIE COUNTY
SUSTAINABILITY DISTRICT AS FOLLOWS:
SECTION 1. AUTHORITY. This Resolution of the St. Lucie County
Sustainability District (the "District") is adopted pursuant to the provisions of Chapter 1-19 of the
Code of Ordinances (the "Ordinance") of St. Lucie County, Florida (the "County"), Chapter 189,
Florida Statutes, Section 163.08, Florida Statutes, County Resolution No. 10-259, and other
applicable provisions of law (collectively, the "Act").
SECTION 2. DEFINITIONS. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Ordinance, County Resolution No. 10-259, District
Resolution No. 14-107, and the Special Assessment Funding Agreement (Energy and
Sustainability Financing Program) by and between the District, Inland St. Lucie PACE, LLC (the
"Lender"), and the Solar and Energy Loan Fund of St. Lucie County, Inc. ("SELF") dated as of
August 19, 2014 (the "Funding Agreement").
SECTION 3. FINDINGS. It is hereby ascertained,. determined and
declared as follows:
(A) The District entered into the Funding Agreement in order to obtain a non -
revolving line of credit in the not to exceed amount of $1,000,000 (the "Loan") from the Lender for
purposes of funding a Property Assessed Clean Energy ("PACE") financing program (the "Energy
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Financing Program") pursuant to which qualified owners of commercial property could acquire
Qualifying Improvements and repay the costs associated with such improvements through
voluntary special assessments imposed by the District.
(B) The District issued its Taxable Special Assessment Bond, Series 2014, to evidence
its obligation to repay the Loan (the "Bond").
(C) Since execution of the Funding Agreement, the U.S. Department of Housing and
Urban Development and the Federal Housing, Administration have announced guidelines
affirming that PACE financing should be treated, as any other special assessment and not as a
traditional loan, product, thereby addressing an impediment in federal policy to the financing of
Qualifying Improvements for residential properties.
(D) The District, the Lender and SELF wish to enter into an amendment to the
Funding Agreement (the "First Amendment to Funding Agreement") in order to, among other
things, (1) provide for refinements to the Energy Financing Program which the parties have
identified as desirable or advantageous as the program has been administered over time, (2)
approve an allonge to the Bond (the "Allonge") to extend the maturity date of the Loan and the
Bond to September 1, 2018, and (3) provide that Qualifying Improvements may be financed for
residential properties.
SECTION 4. APPROVAL OF FIRST AMENDMENT TO FUNDING AGREEMENT
AND ALLONGE. The District hereby approves the First Amendment to Funding Agreement
and the Allonge in in the forms attached hereto as Appendix A, and authorizes the Chair to
execute and deliver, and the Clerk of the District (the "Clerk") to attest, on behalf of the District,
the First Amendment to Funding Agreement and the Allonge with such changes, insertions, and
additions as the Chair may approve after consultation with the County Attorney, the Chair's
execution thereof being evidence of such approval and by this reference made a part hereof with
such changes as may be approved by the County Administrator and approved as to legal form
and sufficiency by the County Attorney. The Chair, Clerk and other District officials are further
authorized to take such other actions and execute and deliver any other documents which may
be necessary or desirable to effectuate the purposes of this Resolution and the First Amendment
to Funding Agreement.
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SECTION 5. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its adoption.
Passed and adopted by the St. Lucie County Sustainability District at a regular meeting
duly called this 41h day of October, 2016.
ATTEST:
ST. LUCIE COUNTY
SUSTAINABILITY DISTRICT
By:
Chairman
as to Form:
County Attorney
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APPENDIX A
FORM OF
FIRST AMENDMENT TO FUNDING AGREEMENT