ORDINANCE
WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of local government of the State of Illinois authorized pursuant to the Property Assessed Clean Energy Act (50 ILCS 50/1 et seq.) (as amended, supplemented,' modified or replaced, the "PACE Act'') to establish a property assessed clean energy program (the "PACE Program''), create a PACE area (as defined in the PACE Act) and finance energy projects (as defined in the PACE Act); and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City on July 25, 2018 and published at pages 81,610 - 81,771 of the Journal of the Proceedings of the City Council (the "Journal") for such date, Loop-Counterpointe Pace LLC was designated a Program Administrator (the "Administrator"') to assist the City in developing a PACE Program; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City on October 31, 2018 and published at pages 86,559- 86,593 of the Journal for such date (the "Authorizing Ordinance"), (a) a Program Report setting forth certain terms of the proposed PACE Program in conformity with the PACE Act (the "Original Report") was approved, (b) the PACE area was established, (c) the PACE Program was established in accordance with the Original Report, (d) the form of assessment contract with borrowers meeting the requirements set forth in the Original Report was approved, and (e) certain related actions were authorized; and
WHEREAS, the PACE Act was amended by Public Act 101-0169, effective July 29, 2019 (the "PACE Act Amendments"); and
WHEREAS, the Administrator has prepared the Amended Program Report attached hereto as Exhibit A (the "Amended Report") setting forth certain terms of the PACE Program in conformity with the PACE Act. including the PACE Act Amendments; and
WHEREAS, the City desires to approve the Amended Report,, approve a form of assessment contract with borrowers meeting the requirements set forth in the Amended Report, and a...
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