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HomeMy WebLinkAboutAgenda Packet 08.14.2018 - Informal Generated 8/10/2018 4:58 PM SUSTAINABILITY DISTRICT AGENDA ST. LUCIE COUNTY Informal Meeting Tuesday, August 14, 2018 9:01 AM Conference Room #3 2300 Virginia Ave. 3rd Floor of Roger Poitras Building Fort Pierce, FL 34982 COUNTY COMMISSION MEMBERS District No. 3, Chair LINDA BARTZ District No. 5, Vice-Chair CATHY TOWNSEND District No. 1 CHRIS DZADOVSKY District No. 2 ANTHONY BONNA District No. 4 FRANNIE HUTCHINSON Mission Statement To provide service, infrastructure and leadership necessary to advance a safe and sustainable community, maintain a high quality of life, and protect the natural environment for all our citizens Informal Meeting Tuesday, August 14, 2018 9:01 AM 2 | P a g e CALL TO ORDER - COMMISSIONER BARTZ, CHAIR SUSTAINABILITY DISTRICT DISCUSSION ITEM 1. Solar Energy Loan Fund (SELF) Background and Inland Funding Agreement Extension 2. P.A.C.E. Program Expansion ADJOURNMENT COUNTY ATTORNEY The purpose for this memorandum is to provide the Board with background on the County’s involvement in the creation of the Solar and Energy Loan Fund (“SELF”) as well as the current status of agreements with SELF. In 2009-2010, the County applied for and received a grant from the Federal Government in the amount of $2,941,500.00 to implement “The Kicking Kilowatts on the Treasure Coast” energy improvement project. As part of the County’s strategy for implementing the federal grant and establishing a Property Assessed Clean Energy (“PACE”) program, the County adopted Ordinance No. 10-025 which created the St. Lucie County Sustainability District (“District”). A copy of Ordinance No. 10-025 is attached. The County also facilitated the creation of a not-for-profit corporation known as the Solar and Energy Loan Fund (“SELF”). The initial purpose of SELF was to assume the County’s administrative responsibility under the federal grant. On December 7, 2010, the Board approved an agreement with SELF for SELF to assume the County’s responsibilities under the grant. The County eventually decided to continue the County’s PACE program beyond the terms of the federal grant. On July 3, 2012, the County’s Sustainability District entered into an Administrative Agreement with SELF to administer the District’s PACE program. This Agreement is still in effect, having renewed on July 1, 2018 for an additional 2 years. The Agreement does provide that the District can terminate the Agreement without cause with 90 days notice. A copy of the July 3, 2012 Administrative Agreement is attached. On August 19, 2014, the District, Inland St. Lucie PACE, LLC (“Inland”) and SELF entered into a Special Assessment Funding Agreement. The District entered into the Funding Agreement in order to obtain a loan (“Loan”) in the form a non-revolving line of credit in the not to exceed amount of $1,000,000.00 from Inland for purposes of funding PACE financing program for owners of commercial property that would be repaid through voluntary special assessments. The District issues its Taxable Special Assessment Bond Series 2014 (“Bond”) to evidence its obligations to repay the Loan. The Funding Agreement provided that Inland would have the exclusive right to fund all financing agreements between the District and property owners for qualifying improvements for non-residential and multi-family parcels through the Maturity Date. On October 4, 2016, the District, Inland, and SELF entered into an amendment to the Funding Agreement (“First Amendment”) in order to: 1. Provide for refinements to the Energy Financing Program. 2. Approve an allonge to the Bond to extend the maturity date of the Bond and the Loan to September 1, 2018. 1 Packet Pg. 3 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 3. Provide that Qualifying Improvements may be financed for residential properties. Please note that there is an item on the Board’s August 7, 2018 agenda that, if adopted, would further extend the maturity date of the Bond and the Loan to September 1, 2020. Challenges to Implementing Residential PACE Programs because of federal housing program policies. In July 2016, the U.S. Department of Housing and Urban Development (“HUD”) and the Federal Housing Administration (“FHA”) 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 improvements for residential properties. An FHA loan is a residential mortgage issued by a federally qualified lending institution (Wells Fargo, Bank of America, etc.) and insured by the Federal Housing Administration, a branch of HUD. FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment or have low credit scores. According to statistics published by HUD, FHA loans accounted for 19.5% of residential purchase mortgages and 12.0% of residential refinancing mortgages in 2017. Shortly after the advent of PACE financing, FHA expressed concerns that PACE assessments presented a risk of loss for FHA since PACE assessments have priority payment status over mortgages. The same concerns were expressed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), the federal instrumentalities which purchase residential mortgages through the secondary mortgage market. As a result of such concerns, FHA refused to insure mortgages for residential property subject to PACE assessment, causing an impediment to the financing of improvements for residential property subject to an FHA mortgage. As outlined above, FHA changed its position in 2016 and issued guidelines to lending institutions that PACE assessments are equivalent to any other governmental assessment, and that residential property subject to a PACE assessment was not disqualified from eligibility for an FHA purchase or refinance loan. In December 2017, FHA reversed its 2016 decision to allow PACE assessments on residential properties, citing renewed concerns over the potential for FHA losses. As a result, residential properties encumbered with PACE assessments are not currently eligible for FHA mortgages. The FHA policy reversal does not prohibit all residential PACE financing, and PACE providers throughout Florida and elsewhere continue to offer financing for residential property. The policy change only affects PACE eligibility for property owners who currently have an FHA mortgage or who may in the future seek to purchase or refinance residential property with an FHA mortgage. Potential implications for PACE borrowers 1 Packet Pg. 4 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) are summarized as follows: A PACE assessment must be paid in full before a property can be purchased with an FHA mortgage, or the PACE assessment must be rolled into the FHA mortgage so that the PACE assessment is retired and the FHA mortgage has senior lien status. Residential property with a PACE assessment may be refinanced with an FHA loan only if the PACE assessment is paid in full (or rolled into the FHA refinance loan) in conjunction with the refinancing. Under the District’s PACE program, applicants for financing are generally required to obtain written consent of any mortgage holder prior to entering into a Financing Agreement, and presumably those applicants whose property is currently subject to an FHA mortgage would not receive that consent (Inland is authorized by the Funding Agreement to waive the requirement for mortgagee consent where the PACE assessment does not exceed 20% of the just value of the property). 1 Packet Pg. 5 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) DRAFT: June 18, 2018 1 SECOND AMENDMENT TO SPECIAL ASSESSMENT FUNDING AGREEMENT (ENERGY AND SUSTAINABILITY FINANCING PROGRAM) This SECOND AMENDMENT ("Second Amendment") to the SPECIAL ASSESSMENT FUNDING AGREEMENT (ENERGY AND SUSTAINABILITY FINANCING PROGRAM) (as previously amended, the "Funding Agreement") is made and entered into this _____ day of ___________, 2018 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"). W I T N E S E T H: 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, 2016, to September 1, 2018; and WHEREAS, the District has requested an additional extension of the Maturity date through September 1, 2020; and WHEREAS, the parties hereto execute this Second Amendment in order to provide for such extension of the Maturity Date through September 1, 2020. NOW, THEREFORE, the parties hereto agree as follows: Section 1. Recitals Incorporated. The above recitals are true and correct and incorporated herein. 1 Packet Pg. 6 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) DRAFT: June 18, 2018 2 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 strikethrough: "Maturity Date" means September 1, 20202018. Section 3. Effective Date. This Second Amendment shall be effective as of ___________, 2018. IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to the Funding Agreement to be duly executed as of the date first set forth herein. ST. LUCIE COUNTY SUSTAINABILITY DISTRICT (SEAL) By: Chair ATTEST: Approved as to Form: Deputy Clerk County Attorney SOLAR AND ENERGY LOAN FUND OF ST. LUCIE COUNTY, INC. By: Name: Doug Coward Title: Executive Director INLAND ST. LUCIE PACE, LLC By: Name: Mark Pikus Title: President 1 Packet Pg. 7 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 2 RESOLUTION NO. 2018-XXX A RESOLUTION OF THE ST. LUCIE COUNTY SUSTAINABILITY DISTRICT APPROVING A SECOND 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, EXTEND THE MATURITY DATE OF THE LINE OF CREDIT CONTEMPLATED BY THE FUNDING AGREEMENT; 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 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. 1 Packet Pg. 8 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 2 (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) On October 4, 2016, The District, the Lender and SELF entered 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. (E) The District, the Lender and SELF wish to enter into a Second Amendment to the Funding Agreement (the “Second Amendment to Funding Agreement”) in order to approve an allonge to the Bond (the “Allonge”) to extend the maturity date of the Loan and Bond to September 1, 2020. SECTION 4. APPROVAL OF SECOND AMENDMENT TO FUNDING AGREEMENT AND ALLONGE. The District hereby approves the Second 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 Second 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 Second Amendment to Funding Agreement. [Remainder of Page Intentionally Left Blank] 1 Packet Pg. 9 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 2 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 _____ day of _____________________, 2018. ST. LUCIE COUNTY SUSTAINABILITY DISTRICT By: Chair ATTEST: Approved as to Form: Deputy Clerk County Attorney 1 Packet Pg. 10 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) APPENDIX A FORM OF SECOND AMENDMENT TO FUNDING AGREEMENT 1 Packet Pg. 11 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) FORM OF ALLONGE TO BOND ALLONGE NO. 2 TO ST. LUCIE COUNTY SUSTAINABILITY DISTRICT TAXABLE SPECIAL ASSESSMENT BOND, SERIES 2014 This Allonge No. 2, dated as of _______________________, 2018, 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 consisting of one bond in the original aggregate principal amount of $1,000,000.00 bearing interest at an adjustable rate as provided therein, and with an original maturity date of September 1, 2016 (the “Bond”) as extended by Allonge No. 1 to September 1, 2018. The Bond is held by Inland St. Lucie PACE, LLC (the “Original Purchaser”). Effective as of the date hereof, the maturity date of the Bond shall be further extended, the maturity date of the Bond shall no longer be September 1, 2018 and the maturity date of the bond shall hereafter be September 1, 2020. (SEAL) ST. LUCIE COUNTY SUSTAINABILITY DISTRICT BY: ___________________________________ Chair ATTEST: APPROVED AS TO FORM CORRECTNESS: BY: ________________________________ BY: __________________________________ Clerk of Circuit Court, ex-officio County Attorney Secretary/Treasurer of the Board of County Commissioners The Owner, as the registered owner of the Bond, hereby understands, acknowledges and consents to the foregoing. Date: ______________________, 2018 INLAND ST. LUCIE PACE, LLC BY: __________________________________ Name: Mark Pikus Title: President This Allonge No. 2 shall be appended to and shall modify and amend and become a part of the Bond 1 Packet Pg. 12 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) ORDINANCE NO. 10-025 AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA, CREATING CHAPTER 1-19 "SUSTAINABILITY AND ENERGY IMPROVEMENT," AND ENACTING ARTICLE I ENTITLED "ST. LUCIE COUNTY SUSTAINABILITY DISTRICT" OF THE CODE OF LAWS OF ST. LUCIE COUNTY, FLORIDA, PROVIDING FOR CREATION OF THE SPECIAL DISTRICT, ITS PURPOSE AND AUTHORITY; IMPROVEMENTS; USES OF NON-AD VALOREM ASSESSMENTS; DEFINITIONS; ELIGIBLE PROPERTY OWNERS; ENERGY AUDITS AND AGREEMENTS; PROVIDING FOR ALTERNATIVE USE OF STATUTORY ASSESSMENTS FOR ENERGY IMPROVEMENTS; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. O?~N~ n~mn0O0°~ZmgAr'x N~nmmN ND~O=1 oo°m°CS Wo~rom S v° A o ~ Z ~ 0 c WHEREAS, St. Lucie County, Florida (the "County") is anon-charter county and political subdivision of he State of Florida ("State"), duly organized and operating under the Constitution and the laws of the State; WHEREAS, pursuant to Article VII, Section 10 of the Florida Constitution, Chapter 125, F.S., and Chapter 189, F.S., the County is authorized to form an Energy Improvement District for the purpose of encouraging, accommodating, and f financing energy efficiency and renewable energy improvements (both as defined in this Ordinance) on residential and commercial properties in the County; and WHEREAS, the County desires to form the St. Lucie County Sustainnbility District the "District") pursuant to the Florida Constitution for the purpose of accomplishing the energy efficiency and renewable energy improvements, including paying the costs necessary and incidental thereto through non-ad valorem assessments; and WHEREAS, the State of Florida has declared it the public policy of the State to develop energy management programs aimed at promoting energy conservation; and WHEREAS, home and business energy consumption accounts for approximately 70% of the overall usage of electric energy; and Underlined passages are added. -1- 5-r"ek-t~w~h passages are added. 1 Packet Pg. 13 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) i WHEREAS, the State of Florida has adopted a schedule for increasing the energy performance of buildings subject to the Florida Energy Efficiency Code for Building Construction Chapter 553, F.S.; and WHEREAS, there is a vast quantity of existing structures with many years of remaining life before replacement, and these structures are not as energy efficient as today's standards, nor do many existing buildings have renewable energy systems installed to provide some or all of their electric energy needs; and WHEREAS, a major contributor to statewide and County greenhouse gas emissions is the inefficient use of energy by existing occupied building stock; and WHEREAS, installing energy efficiency and renewable energy improvements on existing structures can provide significant progress towards greenhouse gas reductions and increased energy conservation in the County and statewide; and WHEREAS, installing energy efficiency and renewable energy improvements on existing structures can provide significant progress towards greenhouse gas reductions and increased energy conservation in the County and statewide; and WHEREAS, reductions in greenhouse gas emissions will improve air quality, lower fossil fuels use, create energy independence and security, promote the creation of jobs and economic development by stimulating "green industries" and save its citizens money by reducing energy consumption; and WHEREAS, existing homeowners, and business property owners, may be highly leveraged on their properties and the current housing market may prevent property owners from financing these types of projects with traditional equity f financing options; and WHEREAS, the expected life of energy efficiency and renewable energy projects may require a longer term payback period than offered by traditional equity financing may afford necessitating an alternative financing option to install the improvements; and WHEREAS, the formation of a Sustainability District, and the voluntary participation in the program by property owners, will provide an alternative financing option to install the improvements; and WHEREAS, the District will provide financing to a property owner who participates in the program through non-nd valorem assessments levied on the property, pursuant to Underlined paswges are added. -2- SMreMil~rough passages arc added. 1 Packet Pg. 14 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) Chapter 197, F.S., where the improvements occur to minimize risk of failure for non-payment of the District's funds; and WHEREAS, the District will have options to raise capital to fund the program through federal or state grant funds, private loans from a financinl institution, state or federal loan or bond guarantee programs or other private or not-for-profit sources of funds; and WHEREAS, local governments within Florida and nationally have either formed, or are contemplating the formation of, special districts to provide alternative financing options allowing a property owner to finance energy efficiency and renewable energy improvements through non-ad valorem assessments repaid through their property taxes; and WHEREAS, the County finds that local needs and conditions warrant the formation of the District ns an economical means to implement its energy efficiency and renewable energy goals and the Board of County Commissioners desire to enact an ordinance creating anew Chapter 1-19 entitled "Sustainability and Energy Improvement," Code of Ordinances of St. Lucie County, relating to n Sustainability District. WHEREAS, the County desires to take advantage of the alternative special assessment provisions and procedures created by section 163.08, Florida Statutes, to provide for energy conservation and efficiency improvements, renewable energy improvements and wind resistence improvements. BE IT ORDAINED by the Board of County Commissioners of St. Lucie County, Florida, as follows, that: Section 1. That the Code of Laws of St. Lucie County, Florida, is hereby amended by adding a new Chapter 1-19 entitled "Sustainability and Energy Improvement", including Article I thereof "St. Lucie County Energy Improvement District" to read as follows: Section 1-19.1 Declaration of District. Pursuant to and in accordance with the Florida Constitution and Florida Statutes X125 O1 the County hereby forms the "St. Lucie County Sustainnbility District" (the District") as a "dependent special district" within the meaning of Chapter 189 Florida Statutes. Section 1-19.2 Findings The Board makes the following specific findings: A. A program designed to provide residential commercial and business properties the financial means required to reduce electricityconsumption will help reduce the burden Underlined passages are odeee. -3- si~e~-~+~rousM v~ss~g~s ~ ceded. 1 Packet Pg. 15 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) of greenhouse gns emissions otherwise created by_property in Florida and potentially mitigate adverse impacts to Florida property and the environment. B. Eneray conservation and efficient and clean energy improvements to residential commercial industrial and other buildings facilities and improvements can reduce greenhouse gas emissions resulting from the use of improved property Ener4v conservation and efficiency and clean energy improvements can protect and preserve Florida property by diminishing energy demand and environmental burdens. C. The up front costs of energy conservation and efficiency and clean energy improvements necessary to reduce greenhouse gns emissions inhibits or prevents many property owners from making such improvements. D. To make energy conservation and efficiency and clean energy improvements more affordable and assist~roperty owners who wish to undertake them it is necessary to authorize a procedure for enabling property owners on a voluntary basis to finance such improvements and make repayments in the form of special assessments collected on their property tax bills. E. The County herebydetermines that the actions authorized under Chapter 1-19, Code of Laws including but not limited to the establishment of the sustainnbility district, the financing therein of qualifying improvements through the execution of financing a4reements and the related imposition of voluntary special ornon-ad valorem assessments, are reasonable and necessary to serve an important ~ublicpurpose• and are necessary for the prosperity and welfare of the Counter and its property owners and inhabitants. Section 1-19.3 Description of District The Districts will consist of, and shall include property within thegeographicnl boundaries of the County as set forth in Section 7 59 Florida Statutes and if an~such~roperty is located within any municipality in the County such~ropertx shall be so included in the District unless such municipality shall have enacted nn ordinance setting forth the exclusion of property within its boundaries from the District. Section 1-19.4 District Board The membership of the District's Board shall be identical to the Board of County Commissioners of St. Lucie County. Section 1-19.5 PurQose of the District The~urpose of the St. Lucie County Sustainnbility District (the "District") is to accomplish energy efficiency and renewable energy imRrovements ns well as brooder sustainability issues such as water conservation on residential and commercial properties ~ financing such improvements to be rednid through Underlined passages arc added. -4- SMiek-i1~su~k passages arc added. 1 Packet Pg. 16 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) non-ad valorem assessments on the property owner's property taxes. Section 1-19-6. Authority of the District. The District shall have, and the Board may exercise by majority vote, the following powers: A. To sue and be sued in the name of the District, to adopt and use a seal and authorize the use of a facsimile thereof. and to make and execute contracts and other instruments necessary or convenient to the exercise of its powers. B. To contract for the services of consultants to perform planning, engineering] legal, or other professional services. C. To borrow mone~and accept gifts, to apply for and use grants or loans of money or other propertyfrom the United States, the state, a unit of local government, or any person for any District purpose and enter into agreements required in connection therewith and to hold use sell and dispose of such moneys or property for any District purpose in accordance with the terms of the sift, grant, loan, or agreement relating thereto. D. To adopt resolutions and procedures prescribing the powers, duties, and functions of the officers of the District; the conduct of the business of the District; the maintenance of records; and the form of other documents and records of the District. The Board may also adopt ordinances and resolutions that are necessary to conduct District business, if such ordinances do not conflict with any ordinances of a local general purpose government within whose jurisdiction the District is located. Any resolution or ordinance adopted by the Board and approved by referendum vote of District electors may only be repealed by referendum vote of District electors. F. To acquire, b~purchase, lease, a personal property or any estate therein for nn' sell, or otherwise dispose of surplus real or equipment by an installment sales contract if installments on the equipment and to pn~the ai and indebtedness. ift, dedication, devise. or otherwise. real and rdurpose authorized b~this act and to trade. personal property. The Board may purchase funds are available to pay the current year's mounts due that year on all other installments G. To hold, control, and acquire by donation or purchase any public easement. dedication to public use, platted reservation for public purposes, or reservation for those purposes authorized by this act and to use such easement, dedication, or reservation for any purpose authorized by this act consistent with applicable adopted local government comprehensive plans and land development regulations. Underlined passages arc added. -5- ~h passagu arc added. 1 Packet Pg. 17 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) H. To lease as lessor or lessee to or from any person, firm. corporation, association or body public or private any facility or property of any nature for the use of the District when necessary to carryout the District's duties and authority under this act. I. To borrow money and issue bonds revenue anticipation notes, or certificates payable from and secured bra nledg_e of funds revenues assessments, warrants, notes. or other evidence of indebtedness and mortgage real and personal property when necessary to carry out the District's duties and authority under this act. To charge user fees and assessments authorized by resolution of the Board, in amounts necessary to conduct District activities and services, and to enforce their receipt and collection in the manner prescribed by resolution and authorized by law. K. To cooperate or contract with other~ersons or entities including other governmental agencies as necessary convenient incidental or proper in connection with providing effective mutual aid and furthering an~power duty or purpose authorized by this act. L. To assess and impose upon real property in the District non-nd valorem assessments as authorized by this act. M. To impose and foreclose non-ad valorem assessment liens as provided by this act or to impose collect and enforce non-ad valorem assessments pursuant to Chapter 197, Florida Statutes. N. To select as a depository for its funds any qualified public depository as defined in Section 280 02 Florida Statutes which meets all the requirements of Chapter 280 Florida Statutes and has been designated by the Chief Financial Officer as n qualified public depository upon such terms and conditions as to the payment of interest upon the funds deposited as the Board deems just and reasonable. O. To provide financing_to owners of residential and commercial property within the Sustainability District authorized for the purposes of this Chapter. Section 1-19.7 Description of Improvements The improvements to be financed by the County for~roperties within the District shall consist of. and shall be limited to, any improvements constituting "energy eff iciency" "renewable energy improvements", or broader sustninability improvements such as water conservation as defined herein. The improvements to be constructed on each .property shall be set forth in a written agreement executed between the property owner and the District. u"dur~,~d ~~y« aye aae~d. -b- s-,~-++,.~~ v~~~ ~ ~aa. 1 Packet Pg. 18 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) Section 1-19.8 Finnnci ~ The cost of the improvements undertaken by the property owner and financed by the District shall be assessed on the related aroperty in the amount or amounts set forth in the written agreement for such property and shall be f financed ~ federal or state grant funds special assessment bonds,~rivnte loans from a financial institution state or federal loon or bond guarantee programs or other private or not for profit sources of funds which shall be~a~able through non-ad valorem assessments the~roperty owner. Section 1-19.9 Non-nd valorem assessments Pursuant to Chapter 197, F.S., non nd valorem assessments levied pursuant to this Ordinance shall remain liens. coequal with the lien of all state county district and municipal taxes superior in dignity to all other liens, titles and claims, until paid. Section 1-19.10 Definitions. A. Energy efficiency improvement A material improvement made to an existing residential or commercinl~ropert~that reduces energy consumption, including but not limited to: i. Caulking weatherstripping (cost of weatherstripping shall not exceed f fifteen hundred dollars) and air duct sealingi ii. Insulation in walls roofs floors foundations and in heating and cooling distribution systems radiant barriers; iii. Heating and cooling system upgrades combined heat and power stems automatic energy control systems heating ventilating or air conditioning and distribution system modifications or replacements in homes buildings or central plants including microturbines and fuel cells; iv. Storm or weathertight windows and doors multiglazed windows and doors heat-nbsorbin~ or heat-reflective glazed and coated windows and door systems. additional Glazing reductions in glass area and other window and door system modifications that reduce energy consumption; v_. Replacement or modification of lig_htinq f fixtures to increase the energy efficiency of the system without increasing the overall illumination of a residential or commercial building unless such increase in illumination is necessary to conform to the ap~licnble building code for the proposed lighting system; u~i~~a v~sayu arc ~. -7- s-~ ~~yu arc aea~d. 1 Packet Pg. 19 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) vi. High efficiency water or pool heating systems; vii. Permanent rainwater harvesting systems reducing energy demands such as cisterns or rain barrels for capture. storage and reuse of water. viii. Reflective roof or other cool roof systems that increase solar reflectance and thermal emittance. ix. Commercial refrigeration system upgrades and systems for heat recovery from compressors and condensers. x. An energy efficiency improvement does not include a household appliance such as a washing machine or refrigerator that is not permanently fixed to real ro er B. Renewable energy improvement. Any fixture, product, system. device or interacting Group of devices installed behind the meter on any residential or commercial building that produces energy from renewable resources including but not limited to photovoltaic systems small wind systems. biomass systems, or biogas or methane recovery stems, as may be authorized. C. Broader sustainability improvements. Includes improvements such as water conservation thru improved sustninnbility. Section 1-19.11 Eligible property owners. An eligible property owner (or propertX) must meet the following criteria: A. Be the legal owner and provide proof of ownership in the application for the program. B. Property must be located within St. Lucie County. C. Property owner must be current on property taxes, and show no delinquency in the Inst five years or such shorter period during which the applicant has owned the property on the property subject of the application for improvements. D. by the property. Property owner must be current on any mortgage or other debt secured Underlined passages arc added. -~- 5trueN-fi~re~rgh passages ar'e added. 1 Packet Pg. 20 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) E. Property owner cannot be in bnnkruptc~nor can the property be an asset in any bankruptcy aroceedin~ F. Property cannot be in foreclosure. G. Property cannot have any federal income tax lien, judGment lien or similar involuntary lien encumbering the property. H. Improvements must be reasonable for the scope of the property project and to the property value in accordance with guidelines approved by the District. Section 1-19.12 Energy Savings Audit. If required, an energy savings audit shall be conducted by n qualified energy auditor or a certified building energy rater. The District shnll,~rovide a list of, and set forth the minimum standards for, qualified or certified auditors and raters. At a minimum. the energy savings audit shall include the following information: A. Recommendations for energy savings measures; B. Estimated energy savings and a priority ranking for each measure; C. Estimated renewable energy to be produced; Q Estimated Greenhouse gas reduction; and E. Estimated cost savings resulting from the implementation of the recommendations and use of funds made available by the District. The Board may establish an alternative process to meet this requirement, but that process must be based upon professionally accepted methodologies for documenting the information required herein. Section 1-19.13 Addlicntion. An eligible property owner must submit a complete application to the District for its a,~proval. A complete application shall include the following information: A. Proof of ownership and locution of the property. Organizational documents if the property owner is not on the title as an individual. Underlined Passages are added. _9_ sin~M-.~rou~h aassayu arc added. 1 Packet Pg. 21 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) B. Documentation showing the structure or building. subject of the application is an existing structure or building on the date of application. C. A cost estimate for the installation of the energy savings measures completed b~y a Florida licensed contractor (including the name and license number of the contractor) This estimate shall include all construction costs equipment, permitting fees, recording fees for the assessment of liens energy audit costs and contingency fees. Estimated costs shall be reasonable for the scone of the proposed project and in relation to the propertx value. D. Written documentation indicntin~ that the propertX,owner is current in the mortgage if one exists on thepropert~ and that there are no federal or state tax liens, judgments liens or similar involuntary liens against the property subject of the application. E. Disclosure regarding non-ad valorem assessments. F. State of Florida Fair Lending Notice as required. Section 1-19.14 Written nareement Upon submittal of a complete application to enter into the program as approved by the District the property owner shall enter into a voluntary written agreement with the District that shall constitute the property owner's consent to be subject to a non-ad valorem assessment as set forth in Section 1-19.8 of this Ordinance The written agreement shall be recorded and provide for the following: A. The maximum limit of the finnncin~ for the program shall be $50,000 or 20% of assessed value whichever is greater, per property unless: i. A higher financing amount is consented to by the mortgage holder on the property, if one exists, and ii. The energy audit or information on energy savings measures provided in the application shows a demonstrated high level of energy savings that is equal to or greater than the proposed assessment amount or renewable energy produced over the duration of the financing. B. Express volunta~ consent to accept the non-ad valorem assessment has been given. V~derlined paswyes oreadded. -10- 6M~elril~rou9k passages arc added. 1 Packet Pg. 22 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) C. The length of time permitted for the property owner to repay the non- ad valorem assessment shall not exceed 20 dears including the term, interest rate and administrative and financing fees. The property owner shall be responsible for assuring the improvements are completed as reflected in the approved application documents. The property owner also consents to providing access to property to the County to verify that the improvements have been completed as proposed in the application. At the time of a transfer of property ownershiR, the past due balances of any non-ad valorem assessment under this Subsection shall be due for payment, but future payments shall continue as a lien on the property F. The risks associated with participating in the program shall be disclosed in the written agreement, including risks related to the failure of the participating property owners to make payments and the risk of issuance of a tax certificate and loss of the property pursuant to Chapter 197. F.S. G. The cost of nn energy savings audit or the cost to complete an estimate of information on energy savings measures. estimated energy savings for each measure, estimated greenhouse gas reductions and estimated cost savings from the projects will be subject to reimbursement upon execution of the written agreement to accept the non-ad valorem assessment. H. The property owner shall agree to apply any rebates provided by nn entity other than the District, received for the projects approved by the District, towards the repayment of the non-ad valorem assessment. I. If propertytaxes are paid through an escrow account, the property owner is responsible for notifying the lender of any adjustment to monthly_payments. J. The property owner shall provide all copies of final permits and inspections to the District upon completion of the projects. K. The property owner shall agree to provide the District 5 years of utilitX statements showing the energy usage for the property following the year in which the improvements are made. The statements shall be due on the final day of the month when the improvements were completed. Undcrlined passages are added. -11- sM~el«++„»ugl, passaycs arc added. 1 Packet Pg. 23 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) Section 1-19.15 Notice. Pursuant to and in accordance with Chapter 189, Florida Statutes. the Count published the notice of the public hearing to adopt and approve to form the Sustninability District. The County has determined that it is not practical to mail notice of such public hearing to each address within the District but that each participating property owner's due process rights are fully protected through execution of a f financing agreement. Section 1-19 16 Authorization of County Officers and Employees. The Board and all other County offices and employees are hereby authorized and directed to take all action necessary and appropriate to effectuate the provisions of this Ordinance. Section 2. Alternative Assessment Procedure. That the Code of Laws of St. Lucie county. Florida, is hereby amended by adding additional provisions to Chapter 1-19 entitled Sustainnbility and Energy Improvement", including Article I thereof "St. Lucie County Property Assessed Clean Energy Improvements" to read ns follows: Section 1-19- .17 Findings. The County hereby adopts and incorporates herein the legislative ffindings set forth in section 163.08(1). F.S., as if fully set forth herein and are hereby specifically made findings of fact made by the County. Section 1-19- .18 Alternative Assessment Procedures. As an alternative assessment and financing procedure to those set forth in sections 1-19-.01 through .15, Code of Ordinances and Compiled Laws of St. Lucie County, Florida, the County hereby implements, ns nn alternative, the assessment procedures set forth in section 163.08, F.S.. to finance energy conservation and efficiency improvements, renewable energy improvements and wind resistance improvements as described in section 163.08(2)(b). F.S. The County hereby authorizes such assessments to be levied on any real property located within the boundaries of the St. Lucie County, Florida, which assessment will be document by a financing agreement between the County and the participating property owners; provided however, that for any real property located within a municipality, the owner of such real property may elect to participate in the County assessment program unless the municipality in which the real property is located in fact establishes its own assessment program under the authority of section 163.08. F.S.. and notifies the County of such action with a formal request to the County to not offer its program within municipal limits. The County. by subsequent resolution. shall specify the terms and conditions under which it will enter into a financing agreement with a property owner within the parameters set forth in Section 163.08, F.S., and shall specify the terms and conditions of the financing agreement to be used the County. Underlined passages are added. -12 - Siruelri7~su9h passage arc added. 1 Packet Pg. 24 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) Section 3. Con (icts. Pursuant to Section 189.4041, Florida Statutes the County finds that the formation of the District is consistent with the St. Lucie County Comprehensive Plan. Section 4. Severability. If any provisions or portion of this Ordinance is declared by any court of competent jurisdiction to be void, unconstitutional, or unenforceable, then all remaining provisions and portions of this Ordinance shall remain in full force and effect. Section 5. Effective Dnte. The Ordinance shall have effect upon filing of a certif ied copy of this Ordinance with the Department of Stnte. Section 6. Adoption. After motion and second, the vote on this ordinance was as follows: Chairman Charles Grande AYE Vice Chairman Doug Coward AYE Commissioner Paula A. Lewis AYE Commissioner Chris Crnft AYE Commissioner Chris Dzadovsky AYE PASSED AND DULY ADOPTED by the Bonrd of County Commissioners of St. Lucie County, Florida, this 15th d ~ , 010. e~ti `'~ x`' ,~ = " 1.~ BOARD OF COUNTY COMMISSIONERS ATTES ... -~~'' "'``_ ' r' ST. LUCIE GOU ,FLORIDA5.. ! G7r ~r _ Is~'~a.~ Deputy Clerk '~ ~ ~ -~ ~ ~ _ ` - ~ hai man iGeriCO~~ APPROVED AS TO FORM ANQ` =.; - . ~ ~ ./~ ~ `. CORRECTNESS: ;. `~ County Attorney ;~ - Underlined passage arc added. ~ 13 - SiweM-tiowyM passage are added. 1 Packet Pg. 25 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) FLORIDA DEPARTMENT Of STATE CHARLIE CRIST Governor STATE LIBRARY AND ARCHIVES OF FLORIDA DAWN K. ROBERTS Interim Secretary of State June 29, 2010 Honorable Joseph E. Smith Clerk of the Circuit Court St. Lucie County Post Office Drawer 700 Fort Pierce, Florida 34954 Attention: Ms. Millie Delgado-Feliciano, Deputy Clerk Dear Mr. Smith: Pursuant to the provisions of Section 125.66, Florida Statutes, this will acknowledge receipt of your letter dated June 22, 2010 and certified copy of St. Lucie County Ordinance No. 10-025, which was filed in this office on June 25, 2010. Sincerely, Liz Cloud ~~`~` Program Administrator LC/srd DIRECTOR'S OFFICE R.A. Gray Building • 500 Soutlt Brouough Street • Tallahassee, Florida 32399-0250 850.245.6600 • FAX: 850.245.6735 • TDD: 850.922.4085 http://dlis.dos.state.Fl.us COMMUNITY DEVELOPMENT STATE LIBRARY OF FLORIDA STATE ARCHIVES OF FLORIDA850.245.6600 • FAX: 850.245.6643 850.245.6600 • FAX: 850.245.6744 850.245.6700 • FAX: 850.488.4894 LEGISLATIVE LIBRARY SERVICE RECORDS MANAGEMENT SERVICES ADMINISTRATIVE CODE AND WEEKLY850.488.2812 • FAX: 850.488.9879 850.245.6750 FAX: 850.245.6795 850.245.6270 • FAX: 850.245.6282 1 Packet Pg. 26 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 27 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 28 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 29 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 30 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 31 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 32 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 33 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 34 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 35 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 36 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 37 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 38 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 39 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 40 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 41 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 42 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 43 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 44 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 45 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 46 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M ) 1 Packet Pg. 47 Co m m u n i c a t i o n : S o l a r E n e r g y L o a n F u n d ( S E L F ) B a c k g r o u n d a n d I n l a n d F u n d i n g A g r e e m e n t E x t e n s i o n ( D I S C U S S I O N I T E M )