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

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ORDINANCE NO.2023 —3 AN ORDINANCE CREATING A PACE AREA AND ESTABLISHING THE ILLINOIS FINANCE AUTHORITY PROPERTY ASSESSED CLEAN ENERGY PROGRAM FOR RECORD OWNERS OF PROPERTY THAT, FROM TIME TO TIME,MAY VOLUNTARILY REQUEST THE LEVY OF SPECIAL ASSESSMENTS TO SECURE THE FINANCING OR REFINANCING OF THEIR PACE PROJECTS; AUTHORIZING PROGRAM ADMINISTRATORS TO ACT THEREUNDER; DESIGNATING THE ILLINOIS FINANCE AUTHORITY AS THE SOLE ISSUER OF BONDS AND NOTES; AND APPROVING RELATED MATTERS WHEREAS, City of Decatur, a duly organized and validly existing city under the Constitution and the laws of the State of Illinois(the"Governmental Unit"),is a home rule unit of local government of the State of Illinois,and is authorized pursuant to the Property Assessed Clean Energy Act, 50 ILCS 50/1 et seq., as amended (the "PACE Act"), to create a "PACE area" (as defined in the PACE Act)and establish a"property assessed clean energy program"or"program" (as defined in the PACE Act)to facilitate access to capital used by"record owners"(as defined in the PACE Act) of"property" (as defined in the PACE Act) for the financing or refinancing of "energy projects"(as defined in the PACE Act);and WHEREAS, the Illinois Finance Authority, a body politic and corporate duly organized and validly existing under and by virtue of the laws of the State of Illinois (the "Authority"),is authorized to issue bonds or notes in accordance with the PACE Act and pursuant to subsection (d)of Section 825-65 of the Illinois Finance Authority Act,20 ILCS 3501/801-1 et seq., to fund "PACE Projects" (as defined in the Illinois Finance Authority Act, and energy projects, which are known as "PACE Projects"herein),which bonds or notes will be secured, in part, by "assessments" (as defined in the PACE Act) levied on properties benefitted by PACE Projects as voluntarily requested by the record owners pursuant to "assessment contracts" (as defined in the PACE Act);and WHEREAS,pursuant to Section 10 of the PACE Act,the Governmental Unit may establish a program administered by either one or more than one "program administrator" (as defined in the PACE Act) for a PACE area on behalf of or at the discretion of the Governmental Unit, and under such program, the Governmental Unit, from time to time, may assign such assessment contracts to "permitted assignees" (as defined in the PACE Act), including the Authority, without competitive bidding or the solicitation of requests for proposals or requests for qualifications to fund PACE Projects; and WHEREAS, in order to lessen the burdens on counties and municipalities throughout Illinois that may desire to create PACE areas and establish property assessed clean energy programs,to attract"capital providers"(as defined in the PACE Act)to purchase bonds or notes issued by the Authority to fund PACE Projects throughout Illinois, and to assist record