2023-31 Ordinance Creating PACE Area and Establishing Illinois Finance Authority Program Administrator and Bond Issuer

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owners in the financing or refinancing of PACE Projects throughout Illinois, the Authority, pursuant to its Resolution 2022-0412-GP 10, authorized the formation of Illinois C-PACE Open Market Initiative,d/b/a C-PACE Open Market Initiative,an Illinois not-for-profit corporation and component unit of the Authority (the "C-PACE Open Market Initiative'), to administer a nonpartisan, nonpolitical property assessed clean energy program for interested "governmental units" (as defined in the PACE Act) throughout Illinois (the "Illinois Finance Authority PACE Program")for the benefit of a statewide, open market in which the"governing body" (as defined in the PACE Act) of each governmental unit may create a PACE area and establish the Illinois Finance Authority PACE Program pursuant to the procedures provided in Section 15 of the PACE Act by the adoption of an ordinance or resolution;and WHEREAS, as further described in the report of the Illinois Finance Authority PACE Program described below and attached hereto,the Authority shall be the sole issuer of any bonds or notes to finance or refinance PACE Projects of record owners that have applied and have been approved for such financing or refinancing under the Illinois Finance Authority PACE Program, and any such bonds or notes purchased by capital providers or any interim financing provided by a"warehouse fund"(as defined in the PACE Act)prior to the issuance of such bonds or notes shall not be general obligations of the State of Illinois or any governmental unit including the Governmental Unit;and WHEREAS,in consideration of the Governmental Unit's desire to avoid the need to devote the time and resources necessary to develop and implement a property assessed clean energy program with the features ofthe Illinois Finance Authority PACE Program and to otherwise be required to issue bonds or notes to finance or refinance PACE Projects and incur the related compliance or accounting obligations,the Governmental Unit now desires to create a PACE area, to establish the Illinois Finance Authority PACE Program as a property assessed clean energy program for such PACE area that shall be administered on behalf of the Governmental Unit at all times by the C-PACE Open Market Initiative, to facilitate access to capital from more than one program administrator,and to benefit from the Authority issuing all bonds and notes to finance or refinance PACE Projects approved under the Illinois Finance Authority PACE Program in a statewide,open market;and WHEREAS,in furtherance of its participation in such statewide,open market,the Governmental Unit now desires to delegate to the C-PACE Open Market Initiative, among other things,the discretion to consider and approve capital providers or their affiliates as participants in the Illinois Finance Authority PACE Program to act as program administrators on a non-exclusive basis,for their own account and for the account of others of their choosing,to originate financings or refinancings of PACE Projects,to purchase or arrange for the purchases of the related bonds or notes issued by the Authority,to provide or arrange any related interim financing by a warehouse fund prior to the issuance of such bonds or notes,and to provide or arrange for the administration and servicing of such PACE Projects;and NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF DECATUR,ILLINOIS,AS FOLLOWS: