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Home My WebLink About22-137 RESOLUTION NO. 2022-137 A RESOLUTION OF THE ST. LUCIE COUNTY SUSTAINABILITY DISTRICT APPROVING A FIFTH AMENDMENT TO THE FUNDING AGREEMENT namgn BETWEEN THE DISTRICT, THE SOLAR AND ENERGY ox�y^c� LOAN FUND OF ST. LUCIE COUNTY, INC. AND ��ffima INLAND ST. LUCIE PACE, LLC IN ORDER TO EXTEND g-0$°cr THE MATURITY DATE OF THE LINE OF CREDIT i 453 CONTEMPLATED BY THE FUNDING AGREEMENT; 0 APPROVING AN ALLONGE TO THE DISTRICT'S $ m TAXABLE SPECIAL ASSESSMENT BOND, SERIES 2014, 1 a TO REFLECT THE EXTENSION OF THE MATURITY m c c O - n DATE; 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. 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 (as amended, the "Funding Agreement"). SECTION 3. FINDINGS. It is hereby ascertained, determined and declared as follows: (A) The District entered into the Funding Agreement to obtain a non -revolving line of credit from the Lender in the principal amount of $1,000,000 (the "Loan") for purposes of funding a Property Assessed Clean Energy ("PACE") financing program (the "Energy Financing Program") pursuant to which qualified Property Owners can finance the cost of Qualifying Improvements through voluntary special assessments imposed by the District. (B) Upon entering into the Funding Agreement, the District issued its Taxable Special Assessment Bond, Series 2014, to evidence its obligation to repay the Loan (the "District Bond") (C) The original maturity date for the District Bond (the "Maturity Date") was September 1, 2016, which date has been extended through previous amendments to the Funding Agreement. (D) The Maturity Date is currently September 1, 2022. (E) The District, the Lender and SELF wish to enter into an amendment to the Funding Agreement (the "Fifth Amendment to Funding Agreement") in order to extend the Maturity Date of the Loan to September 1, 2024. SECTION 4. APPROVAL OF FIFTH AMENDMENT TO FUNDING AGREEMENT AND ALLONGE TO THE DISTRICT BOND. (A) The District hereby approves the Fifth Amendment to Funding Agreement in substantially the form attached hereto as Appendix 1. (B) The District hereby approves an alonge to the District Bond to effectuate the extension of the Maturity Date contemplated hereunder, in substantially the form attached hereto as Appendix 2 (the "Allonge"). (C) The District hereby authorizes the Chair to execute and deliver, and the Clerk of the District (the "Clerk") to attest, on behalf of the District, the Fifth 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 2 such changes as may be approved by the County Administrator and approved as to legal form and sufficiency by the County Attorney. (D) The Chair, the 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, the Fifth Amendment to Funding Agreement and the Allonge. 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 9th day of August, 2022. ATTEST: Deputy Clerk ST. LUCIE COUNTY SUSTAINABILITY DISTRICT B : 4 �� Chair Approved as to Form: 3 APPENDIX 1 FORM OF FIFTH AMENDMENT TO FUNDING AGREEMENT FIFTH AMENDMENT TO SPECIAL ASSESSMENT FUNDING AGREEMENT (ENERGY AND SUSTAINABILITY FINANCING PROGRAM) This FIFTH AMENDMENT ("Fifth Amendment") to the SPECIAL ASSESSMENT FUNDING AGREEMENT (ENERGY AND SUSTAINABILITY FINANCING PROGRAM) (the "Funding Agreement") is made and entered into this day of 2022 by and between the ST. LUCIE COUNTY SUSTAINABILITY DISTRICT (the "District"), a dependent special district of St. Lucie County, Florida, INLAND ST. LUCIE PACE, LLC (the "Lender"), and the SOLAR AND ENERGY LOAN FUND OF ST. LUCIE COUNTY, INC., a community development financial institution ("SELF"). WITNESETH: WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings specified in the Funding Agreement; and WHEREAS, the Funding Agreement established a non -revolving line of credit from which the District draws funds to provide for the financing of Qualifying Improvements pursuant to Financing Agreements entered into between the District and property owners who voluntarily apply for and are approved for such financing; and WHEREAS, the Funding Agreement established the Maturity Date for the line of credit and provided for extension of the Maturity Date upon approval in writing by the Lender; and WHEREAS, the Lender has previously approved an extension of the Maturity Date from September 1, 2018, to September 1, 2022; and WHEREAS, the District has requested an additional extension of the Maturity date through September 1, 2024; and WHEREAS, the parties hereto execute this Fifth Amendment in order to provide for such extension of the Maturity Date through September 1, 2024. NOW, THEREFORE, the parties hereto agree as follows: Section 1. Recitals Incorporated. The above recitals are true and correct and incorporated herein. Section 2. Amendments to Funding Agreement. The definition of "Maturity Date" set forth in Section 1.01 of the Funding Agreement is amended as follows, with additional text indicated by underline and with deleted text by strilethr-eiagh: "Maturity Date" means September 1, 2024 24Q. Section 3. Effective Date. This Fifth Amendment shall be effective as of , 2022. IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to the Funding Agreement to be duly executed as of the date first set forth herein. (SEAL) ATTEST: ST. LUCIE COUNTY SUSTAINABILITY DISTRICT 5-3 Chair Approved as to Form: Deputy Clerk County Attorney SOLAR AND ENERGY LOAN FUND OF ST. LUCIE COUNTY, INC. By: s Name: Doug oward Title: Executive Director INLAND ST. LUCIE PACE, LLC Name: Mark Pikus Title: Vice President Section 1. Recitals Incorporated. The above recitals are true and correct and incorporated herein. Section 2. Amendments to Funding Agreement. The definition of "Maturity Date" set forth in Section 1.01 of the Funding Agreement is amended as follows, with additional text indicated by underline and with deleted text by s`-_- "Maturity Date" means September 1, 2024 2022, Section 3. Effective Date. This Fifth Amendment shall be effective as of 2022. IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to the Funding Agreement to be duly executed as of the date first set forth herein. (SEAL) ATTEST: Deputy Clerk ST. LUCIE COUNTY SUSTAINABILITY DISTRICT Chair Approved as to Form: County Attorney SOLAR AND ENERGY LOAN FUND OF ST. LUCIE COUNTY, INC. By: Name: Title: Doug Coward Executive Director INLAND ST. LUCIE PACE, LLC By: L `- ,<'—? Name: Mark Pikus Title: Vice President APPENDIX 2 FORM OF ALLONGE TO ST. LUCIE COUNTY SUSTAINABILITY DISTRICT TAXABLE SPECIAL ASSESSMENT BOND, SERIES 2014 This Allonge, dated as of , 2022, is to be attached to and made a part of the St. Lucie County Sustainability District Taxable Special Assessment Bond, Series 2014 dated August 19, 2014 (the 'Bond"). The Bond is held by Inland St. Lucie PACE, LLC (the "Owner"). Effective as of the date hereof, the Maturity Date of the Bond shall be September 1, 2024. (SEAL) ST. LUCIE COUNTY SUSTAINABILITY DISTRICT Chair, Board of Commissioners ATTEST: Clerk of the Circuit Court, ex-officio Secretary/Treasurer of the Board of Commissioners The Owner, as the registered owner of the Bond, hereby understands, acknowledges and consents to the foregoing. Date: 2022 INLAND ST. LUCIE PACE, LLC By: Name: Title: Senior Vice President This Allonge shall be appended to and shall modify and amend and become a part of the Bond.