SCEIP Bond Financing allows for third-party financing of commercial projects. In such case, the Authority specifically approves the third party investor, which is any investor other than the County Treasury Pooled Investment Fund or the Water Agency, to purchase the SCEIP bond.
In 2011, Clean Fund, a San Rafael, California based company, provided SCEIP’s first third party transaction by financing a $1,600,000 commercial project .
Third-party financing for commercial PACE projects benefits PACE financing in several important ways. It assists with future marketing of PACE bonds to the secondary investor market, a key element of the future viability of PACE programs. It serves as a model for owner-arranged financing, a structure that in the case of SCEIP frees up the County Treasury Pooled Investment Fund’s bond purchase capacity to finance future projects. And finally, it provides an excellent reference for successfully developing PACE programs in the commercial property market.
Description of Document
|Authority Bond Resolution||Resolution authorizing the Authority to issue and sell the bonds and to loan bond proceeds to the County, effective April 1, 2011 through September 30, 2011|
|Authority Resolution Authorizing Alternate Purchaser||Resolution authorizing Clean Fund as a purchaser of bond and approving bond purchase agreement|
|Authority Resolution Determining Interest Rate||Resolution setting interest rate for bond to be purchased by Clean Fund|
|Bond Purchase Agreement between Clean Fund and Authority||Agreement between Clean Fund and Authority for purchase of bond|
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