Bond Financing

A local agency might issue revenue bonds to fund all or part of its PACE program. In such case, the local agency pledges assessment or special tax revenues collected from the participating property owners to pay debt service on the bonds.  The bonds may be purchased by a third-party investor (i.e., open market bond) or may be purchased as an investment of the local government that established the program (i.e., self-financed). SCEIP uses the “self-financed” model, and has had one owner-arranged transaction.

Sample SCEIP bond documents, including Board of Supervisor resolutions authorizing the transactions and sample validation procedure documents, are linked below.

SCEIP Bond Financing

Bond Validation Documents

Owner-Arranged Financing


The information contained within these materials is offered only for general informational purposes.  It does not constitute either general or specific legal advice and should not be substituted for legal, financial or other professional advice.  These materials were created for an energy independence program individualized for the County of Sonoma and may not be suitable for all public agencies.  These materials are not promised or guaranteed to be current, complete, or up-to-date.  Different factual situations and evolving case law may require substantial modifications to these materials.  As such, the authors make no representations or warranties with respect to the accuracy or completeness of the contents of these materials.



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Sonoma County Energy Independence Program
2300 County Center Dr.,
Suite A105
Santa Rosa, California

Phone: (707) 565-6470
Fax: (707) 565-6474