Owner Arranged PACE Financing

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.

Name

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

Disclaimer:
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
95403-3009

Phone: (707) 565-6470
Fax: (707) 565-6474
Email: sceip@sonoma-county.org

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