HomeMy WebLinkAboutReso 40-17 Membership Figtree Pace ProgramRESOLUTION NO. 40-17
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING ASSOCIATE MEMBERSHIP BY THE CITY IN THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY; AUTHORIZING AND DIRECTING THE EXECUTION OF AN
ASSOCIATE MEMBERSHIP AGREEMENT RELATING TO ASSOCIATE MEMBERSHIP OF
THE CITY IN THE AUTHORITY; AUTHORIZING THE CITY TO JOIN THE FIGTREE PACE
PROGRAM, AUTHORIZING THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY
TO CONDUCT CONTRACTUAL ASSESSMENT PROCEEDINGS AND LEVY
CONTRACTUAL ASSESSMENTS WITHIN THE TERRITORY OF THE CITY OF MORRO
BAY; AND AUTHORIZING RELATED ACTIONS
City of Morro Bay, California
WHEREAS, the City of Morro Bay, California (the "City"), a municipal corporation, duly
organized and existing under the Constitution and the laws of the State of California; and
WHEREAS, the City, upon authorization of the City Council, may pursuant to Chapter 5
of Division 7 of Title 1 of the Government Code of the State of California, commencing with
Section 6500 (the "JPA Law") enter into a joint exercise of powers agreement with one or more
other public agencies pursuant to which such contracting parties may jointly exercise any power
common to them; and
WHEREAS, the City and other public agencies wish to participate, jointly, in economic
development financing programs for the benefit of businesses and nonprofit entities within their
jurisdictions offered by membership in the California Enterprise Development Authority (the
"CEDA"), pursuant to an associate membership agreement (Exhibit C) and Joint Exercise of
Powers Agreement Relating to the California Enterprise Development Authority (the
"Agreement"); and
WHEREAS, under the JPA Law and the Agreement, CEDA is a public entity separate
and apart from the parties to the Agreement and the debts, liabilities and obligations of CEDA
will not be the debts, liabilities or obligations of the City or the other members of the Authority;
and
WHEREAS, the form of Associate Membership Agreement (the "Associate Membership
Agreement") between the City and CEDA is attached; and
WHEREAS, the City is willing to become an Associate Member of CEDA subject to the
provisions of the Associate Membership Agreement.
WHEREAS, CEDA has adopted the Figtree Property Assessed Clean Energy (PACE) and
Job Creation Program (the "Program" or "Figtree PACE"), to allow the financing of certain
renewable energy, energy efficiency, seismic retrofits, electric vehicle charging infrastructure,
and water efficiency improvements (the "Improvements") through the levy of contractual
assessments, pursuant to Chapter 29 of Division 7 of the Streets & Highways Code ("Chapter
29"), and the issuance of improvement bonds or other evidences of indebtedness (the "Bonds")
under the Improvement Bond Act of 1915 (Streets and Highways Code Sections 8500 et seq.)
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(the 1915 Act") upon the security of the unpaid contractual assessments; and
WHEREAS, Chapter 29 provides that assessments may be levied under its provisions
only with the free and willing consent of the owner of each lot or parcel on which an assessment
is levied at the time the assessment is levied; and
WHEREAS, Y desires to allow the owners of property ("Participating Parcel") within
its jurisdiction ("Participating Property Owners") to participate in Figtree PACE, and to allow
CEDA to conduct assessment proceedings under Chapter 29 and to issue Bonds under the
1915 Act to finance the Improvements; and
WHEREAS, CEDA will conduct assessment proceedings under Chapter 29 to establish an
assessment district (the "District") and issue Bonds under the 1915 Act to finance
Improvements; and
WHEREAS, there has been presented at the meeting at which this Resolution was
adopted a proposed form of Resolution of Intention to be adopted by CEDA in connection with
such assessment proceedings (the "ROI"), a copy of which is attached hereto as Exhibit A; and
WHEREAS, the ROI sets forth the territory within which assessments may be levied for
Figtree PACE which territory shall be coterminous with the City's official boundaries of record at
the time of adoption of the ROI (the "Boundaries"); and
WHEREAS, pursuant to Chapter 29, the City authorizes CEDA to conduct assessment
proceedings, levy assessments, pursue remedies in the event of delinquencies, and issue
bonds or other forms of indebtedness to finance the Improvements in connection with Figtree
PACE; and
WHEREAS, to protect the City in connection with operation of the Figtree PACE program,
Figtree Energy Financing, the program administrator, has agreed to defend and indemnify the
City; and
WHEREAS, the City will not be responsible for the conduct of any assessment
proceedingsI the levy of assessments, any required remedial action in the case of
delinquencies, the issuance, sale or administration of the bonds or other indebtedness issued in
connection with Figtree PACE,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Morro Bay, it
hereby finds, determines and declares as follows:
Section 1. The City Council hereby specifically finds and declares the actions
authorized hereby constitute public affairs of the City. The City Council further finds the
statements, findings and determinations of the City set forth in the preambles above are true
and correct.
Section 2. The Associate Membership Agreement presented to this meeting and on file
with the City Clerk is hereby approved. The Mayor of the City, the City Manager, the City Clerk
and other officials of the City are each hereby authorized and directed, for and on behalf of the
City, to execute and deliver the Associate Membership Agreement in substantially said form,
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with such changes therein as such officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 3. The officers and officials of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all documents
which they may deem necessary or advisable in order to consummate, carry out, give effect to
and comply with the terms and intent of this resolution and the Associate Membership
Agreement. All such actions heretofore taken by such officers and officials are hereby
confirmed, ratified and approved.
Section 4. Good Standing. The City is a municipal corporation and in good standing.
Section 5. Public Benefits. On the date hereof, the City Council hereby finds and
determines the Program and issuance of Bonds by CEDA in connection with Figtree PACE will
provide significant public benefits, including without limitation, savings in effective interest rates,
bond preparation, bond underwriting and bond issuance costs and reductions in effective user
charges levied by water and electricity providers within the boundaries of the City.
Section 6. Appointment of CEDA. The City hereby appoints CEDA as its
representative to (i) record the assessment against the Participating Parcels, (ii) administer the
District in accordance with the Improvement Act of 1915 (Chapter 29 Part 1 of Division 10 of the
California Streets and Highways Code (commencing with Section 8500) (the "Law"), (iii) prepare
program guidelines for the operations of the Program and (iv) proceed with any claims,
proceedings or legal actions as shall be necessary to collect past due assessments on the
properties within the District in accordance with the Law and Section 6509.6 of the California
Government Code, The City is not and will not be deemed to be an agent of Figtree or CEDA
as a result of this Resolution.
Section 7. Assessment Proceedings. In connection with Figtree PACE, the City
herebY consents to the special assessment proceedings by CEDA pursuant to Chapter 29 on
any property within the Boundaries and the issuance of Bonds under the 1915 Act, provided
that:
(1) Such proceedings are conducted pursuant to one or more Resolutions of Intention in
substantially the form of the ROI;
(2) The Participating Property Owners, who shall be the legal owners of such property,
voluntarily execute a contract pursuant to Chapter 29 and comply with other
applicable provisions of California law in order to accomplish the valid levy of
assessments; and
(3) The City will not be responsible for the conduct of any assessment proceedings, the
levy of assessments, any required remedial action in the case of delinquencies in
such assessment payments, or the issuance, sale or administration of the Bonds in
connection with Figtree PACE.
Section 8. Program Report,
The City Council hereby acknowledges, pursuant to the
requirements of Chapter 29, CEDA has prepared and will .update from time to time the "Program
Report" for Figtree PACE (the "Program Report") and associated documents, and CEDA will
undertake assessment proceedings and the financing of Improvements as set forth in the
Program Report.
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Section 9. Foreclosure. The City Council hereby acknowledges the Law permits
foreclosure in the event there is a default in the payment of assessments due on a property. The
City Council hereby designates CEDA as its representative to proceed with collection and
foreclosure of the liens on the defaulting properties within the District, including accelerated
foreclosure pursuant to the Program Report,
Section 10. Indemnification. The City Council acknowledges Figtree has provided the
City with an indemnification agreement, as shown in Exhibit B, for the acts or omissions of
Figtree, its officers, employees, subcontractors and agents relating to the Program. The City
Council hereby authorizes the appropriate officials and staff of the City to execute and deliver
the Indemnification Agreement to Figtree.
Section 11. City Contact Designation. The appropriate officials and staff of the City
are hereby authorized and directed to make applications for Figtree PACE available to all
property owners who wish to finance Improvements. The following staff persons, together with
any other staff designated by the City Manager from time to time, are hereby designated as the
contact persons for CEDA in connection with Figtree PACE: [Rob Livick, Director of Publlic
Works, 805-772-6261, rlivick(a).morrobayca.gov].
Section 12. CEQA. The City Council hereby finds adoption of this Resolution is not a
"project" under the California Environmental Quality Act ("CEQA"), because the Resolution does
not involve any commitment to a specific project which may result in a potentially significant
physical impact on the environment, as contemplated by Title 14, California Code of
Regulations, Section 15378(b )( 4)).
Section 13. Effective Date. This Resolution shall take effect immediately upon its
adoption. The City Clerk is hereby authorized and directed to transmit a certified copy of this
resolution to Figtree Energy Financing,
Section 14. Costs. Services related to the formation and administration of the
assessment district will be provided by CEDA at no cost to the City.
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PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular meeting
thereof held on the 11th day of July 2017 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
ATTEST:
Irons, Davis, Headding, MakowetSkl, McPherson
None
None
None
SON, City Clerk
L. I
Page 5 of 6
NS,
CERTIFICATE OF CLERK OF THE CITY_ COUNCIL
CITY OF MORRO BAY
I, Dana Swanson, Clerk of the City of Morro Bay, hereby certify that the foregoing is a
full, true and correct copy of a resolution duly adopted at the meeting of the City Council of the
City of Morro Bay duly and regularly held in the Council Chambers, located at 209 Surf Street,
Morro Bay California, on July 11, 2017, of which meeting all of the members of said City
Council had due notice.
I further certify that I have carefully compared the foregoing copy with the original
minutes of said meeting on file and of record in my office; that said copy is a full, true and
correct copy of the original resolution adopted at said meeting and entered in said minutes; and
that said resolution has not been amended, modified, rescinded or revolted in any manner since
the date of its adoption, and the same is now in full force and effect.
IN WITNESS WHEREOF, I have executed
201 this certificate this rday of v U
—
City Clerk
City of Morro Bay
EXHIBIT A
CEDA Resolution of Intention
RESOLUTION OF THE CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY DECLARING INTENTION TO FINANCE INSTALLATION OF
DISTRIBUTED GENERATION RENEWABLE ENERGY SOURCES, ENERGY
EFFICIENCY, SEISMIC RETROFITS, ELECTRIC VEHICLE CHARING
INFRASTRUCTURE, AND WATER EFFICIENCY IMPROVEMENTS IN THE
CITY OFMORRO BAY
WHEREAS, the California Enterprise Development Authority ("CEDA") is a joint
powers authority authorized and existing pursuant to Joint Powers Act (Government Code
Section 6500 et seq.) and that certain Joint Exercise of Powers Agreement (the "Agreement")
dated as of June 1, 2006, by and among the cities of Eureka, Lancaster and Selma; and
WHEREAS, CEDA is authorized under the Agreement and Chapter 5 of Division 7 of
Title 1 of the Government Code of the State of California and in accordance with Chapter 29 of
Part 3 of Division 7 of the Streets & Highways Code of the State of California ("Chapter 29") to
authorize assessments to finance the installation of distributed generation renewable energy
sources, energy efficiency, seismic retrofits, electric vehicle charging infrastructure, and water
efficiency improvements that are permanently fixed to real property, ("Authorized
Improvements"); and
WHEREAS, CEDA has obtained authorization from the City of Mor�°o Bay (the "City")
to enter into contractual assessments for the financing of the installation of Authorized
Improvements in the City; and
WHEREAS, CEDA desires to declare its intention to establish a Figtree PACE program
("Figtree PACE") in the City, pursuant to which CEDA, subject to certain conditions set forth
herein, would enter into contractual assessments to finance the installation of Authorized
Improvements in the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY, AS FOLLOWS:
Section 1. Findings. The Board of Directors hereby finds and determines the following:
(a) The above recitals are true and correct and are incorporated herein by this
reference.
(b) Energy and water conservation efforts, including the promotion of Authorized
Improvements to residential, commercial, industrial, or other real property, are
necessary to address the issue of global climate change and the reduction of
greenhouse gas emissions in the City.
(c) The upfront cost of making residential, commercial, industrial, or other real
property more energy and water efficient, along with the fact that most
commercial loans for that purpose are due on the sale of the property, prevents
many property owners from installing Authorized Improvements.
(d) A public purpose will be served by establishing a contractual assessment program,
to be known as Figtree PACE, pursuant to which CEDA will finance the
installation of Authorized Improvements to residential, commercial, industrial, or
other real property in the City.
Section 2. Determination of Public Interest. The Board of Directors hereby
determines that (a) it would be convenient, advantageous, and in the public interest to designate
an area, which shall encompass the entire geographic territory within the boundaries of the City,
within which CEDA and property owners within the City may enter into contractual assessments
to finance the installation of Authorized Improvements pursuant to Chapter 29 and (b) it is in the
public interest for CEDA to finance the installation of Authorized Improvements in the County
pursuant to Chapter 29,
Section 3. Identification of Authorized Improvements. CEDA hereby declares its
intention to make contractual assessment financing available to property owners to finance
installation of Authorized Improvements, including but not limited to those improvements
detailed in the Report described in Section 8 hereof (the "Report"), as that Report may be
amended from time to time.
Section 4. Identification of Boundaries. Contractual assessments maybe entered into
by property owners located within the entire geographic territory of the City including
unincorporated territory within City Boundaries. A property owner located within a City within
the City may enter into contractual assessments with CEDA only after such City has adopted a
resohition to authorize participation in the PACE Program.
Section 5. Proposed Financing Arrangements. Under Chapter 29, CEDA may issue
bond3511V %M/3 or other forms of indebtedness (the "Bonds") pursuant to Chapter 29 that are
payable by contractual assessments. Division 10 (commencing with Section 8500) of the Streets
& Highways Code of the State. (the "Improvement Bond Act of 1915") shall apply to any
indebtedness issued pursuant to Chapter 29, insofar as the Improvement Bond Act of 1915 is not
in conflict with Chapter 29. The creditworthiness of a property owner to participate in the
financing of Authorized Improvements will be based on the criteria developed by Figtree Energy
Financing (the "Program Administrator") upon consultation with Figtree PACE Program
underwriters or other financial representatives, CEDA general counsel and bond counsel, and as
shall be approved by the Board of Directors of CEDA. In connection with indebtedness issued
under the Improvement Bond Act of 1915 that are payable from contractual assessments, serial
and/or term improvement bonds or other indebtedness shall be issued in such series and shall
mature in such principal amounts and at such times (not to exceed 20 years from the second day
of September next following their date) and at such rate or rates of interest (not to exceed the
maximum rate permitted by applicable law) as shall be determined by the Board of Directors at
the time of the issuance and sale of the indebtedness. The provisions of Part 11.1 of the
Improvement Bond Act of 1915 shall apply to the calling of the bonds. It is the intention of the
Board of Directors to create a special reserve fund for the bonds under Part 16 of the
Improvement Bond Act of 1915. Neither CEDA, nor any of its members participating in the
Figtree PACE Program, shall advance available surplus funds from its treasury to cure any
deficiency in the redemption fund to be created with respect to the indebtedness; provided,
however, that this determination shall not prevent CEDA or any of its members from, in their
sole discretion, so advancing funds. The Bonds may be refunded under Division 11.5 of the
California Streets and Highways Code or other applicable laws permitting refunding, upon the
conditions specified by and upon determination of CEDA.
CEDA hereby authorizes the Program Administrator, upon consultation with CEDA
general counsel, bond counsel and the Figtree PACE underwriter, to commence preparation of
documents and take necessary steps to prepare for the issuance of bonds, notes or other forms of
indebtedness as authorized by Chapter 29.
In connection with the issuance of bonds payable fiom contractual assessments, CEDA
expects to obligate itself, through a covenant with the owners of the bonds, to exercise its
Foreclosure rights with respect to delinquent contractual assessment installments under specified
circumstances.
Section 6. Public Bearing. Pursuant to the Act, CEDA hereby orders that a public
hearing be held before CEDA Board (the "Board"), at 550 Bercut Drive, Suite G, Sacramento,
CA 95811, on , at A_, for the purposes of allowing interested
persons to object to, or inquire about, the proposed Figtree PACE Program. The public hearing
may be continued from time to time as determined by the Board for a time not exceeding a total
of 180 days.
At the time of the hearing, the Report described in Section 8 hereof shall be summarized,
and the Board shall afford all persons who are present an opportunity to comment upon, object
to, or present evidence with regard to the proposed Figtree PACE Program, the extent of the area
proposed to be included within the boundaries of the assessment district, the terms and
conditions of the draft assessment contract described in Section 8 hereof (the "Contract"), or the
proposed financing provisions. Following the public hearing, CEDA may adopt a resolution
confirming the Report (the "Resolution Confirming Report") or may direct the Report's
modification in any respect, or may abandon the proceedings.
The Board hereby orders the publication of a notice of public hearing once a week for
two successive weeks. Two publications in a newspaper published once a week or more often,
with at least five days intervening between the respective publication dates not counting such
publication dates are sufficient. The period of notice will commence upon the first day of
publication and terminate at the end of the fourteenth day. The first publication shall occur not
later than 20 days before the date of the public hearing.
Section 7. Notice to Water and Electric Providers. Pursuant to Section 5898.24 of the
Streets &Highways Code, written notice of the proposed contractual assessment program within
the City to all water and electric providers within the boundaries of the City has been provided.
Section a. Report. The Board hereby directs the Program Administrator to prepare the
Report and file said Report with the Board at or before the time of the public hearing described
in Section 6 hereof containing all of the following:
(a) A map showing the boundaries of the territory within which contractual
assessments are proposed to be offered, as set forth in Section 4 hereof.
(b) A draft contractual assessment contract (the "Contract") specifying the terms and
conditions of the agreement between CEDA and a property owner.
(c) A statement of CEDA's policies concerning contractual assessments including all
of the following:
(1) Identification of types of Authorized Improvements that may be financed
through the use of contractual assessments.
(2) Identification of the CEDA official authorized to enter into contractual
assessments on behalf of CEDA.
(3) A maximum aggregate dollar amount of contractual assessments.
(4) A method for setting requests from property owners for financing through
contractual assessments in priority order in the event that requests appear
likely to exceed the authorization amount.
(d) A plan for raising a capital amount required to pay for work performed in
connection with contractual assessments. The plan may include the sale of a bond
or bonds or other financing relationship pursuant to Section 5898.28 of Chapter
29. The plan (i) shall include a statement of, or method for determining, the
interest rate and time period during which contracting property owners would pay
any assessment, (ii) shall provide for any reserve fund or funds, and (iii) shall
provide for the apportionment of all or any portion of the costs incidental to
financing, administration and collection of the contractual assessment program
among the consenting property owners and CEDA.
A report on the results of the discussions with the County Auditor -Controller described in
Section 10 hereof, concerning the additional fees, if any, that will be charged to CEDA for
inclusion of the proposed contractual assessments on the general property tax roll of the City,
and a plan for financing the payment of those fees.
Section 9. Nature of Assessments. Assessments levied pursuant to Chapter 29, and the
interest and any penalties thereon, will constitute a lien t:) the lots and parcels of land on
which they are made, until they are paid. Unless otherwise directed by CEDA, the assessments
shall be collected in the same manner and at the same time as the general taxes of the City on
real property are payable, and subject to the same penalties and remedies and lien priorities in the
event of delinquency and default.
Section 10. Consultations with County Auditor -Controller. CEDA hereby directs the
Program Administrator to enter into discussions with the County Auditor -Controller in order to
reach agreement on what additional fees, if any, will be charged to CEDA for incorporating the
proposed contractual assessments into the assessments of the general taxes of the County on real
property.
Section 11. Preparation of Current Roll of Assessment. Pursuant to Section
5898.24(c), CEDA hereby designates the Program Administrator as the responsible party for
annually preparing the current roll of assessment obligations by assessor's parcel number on
property subject to a voluntary contractual assessment.
Section 12. Procedures for Responding to Inquiries. The Program Administrator shall
establish procedures to promptly respond to inquiries concerning current and future estimated
liability for a voluntary contractual assessment.
Section 13. Effective Date. This resolution shall take effect immediately upon its
adoption.
PASSED AND ADOPTED this day of , 201_.
CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY
By:
ATTEST:
Helen Schaubmayer, Assistant Secretary
Gurbax Sahota, Chair
EXHIBIT B
Indemnification Agreement
INDEMNIFICATION AGREEMENT
BY AND BETWEEN
THE CITY OF lVIORRO BAY AND
FIGTREE COMPANY, INC.
This Indemnification Agreement (the "Agreement") is entered into by and between the City of Morro
Bay, a municipal corporation, duly organized and existing under the laws of the State of California (the
"City") and Figtree Company, Inc., a California corporation, the administrator of the Figtree Property
Assessed Clean Energy and Job Creation Program (the "Administrator"), which is a program of the
California Enterprise Development Authority, a California joint exercise of powers authority (the
'Authority"),
RECITALS
WHEREAS, the Authority is a joint exercise of powers authority whose members include the
City in addition to other cities and counties in the State of California; and
WHEREAS, the Authority established the Figtree Property Assessed Clean Energy and Job
Creation Program (the "Figtree PACE Program") to allow the financing of certain renewable energy,
energy efficiency and water efficiency improvements that are permanently affixed to real property
through the levy of assessments voluntarily agreed to by the participating property owners pursuant to
Chapter 29 of Division 7 of the Streets and Highways Code ("Chapter 29") and the issuance of
improvement bonds, or other forms of indebtedness, under the Improvement Bond Act of 1915 upon the
security of the unpaid assessments; and
WHEREAS, the Authority has conducted or will conduct proceedings required by Chapter 29
with respect to the territory within the boundaries of the City; and
WHEREAS, the legislative body of the City adopted or will adopt a resolution authorizing the City
to join the Figtree PACE Program; and
WHEREAS, the City will not be responsible for the formation, operation and administration of
the Figtree PACE Program as well as the sale and issuance of any bonds or other forms of indebtedness in
connection therewith, including the conducting of assessment proceedings, the levy and collection of
assessments and any remedial action in the case of such assessment payments, and the offer, sale and
administration of any bonds issued by the Authority on behalf of the Figtree PACE Program; and
WHEREAS, the Administrator is the administrator of the Figtree PACE Program and agrees to
indemnify the City in connection with the operations of the Figtree PACE Program as set forth herein;
NOW, THERFORE, in consideration of the above premises and of the City's agreement to join
the Figtree PACE Program, the parties agree as follows:
1 . Indemnification. Figtree has provided the CEDA with an indemnification for negligence
Page 1 of 3
or malfeasance of any type as a result of the acts or omissions of Figtree, its officers, employees,
subcontractors and agents, arising from or related to the Figtree PACE Program, the assessments, the
assessment districts, the improvements or the financing and marketing thereof. Figtree agrees to defend,
indemnify and hold harmless the City, its officers, elected or appointed officials, employees, agents and
volunteers from and against any and all actions, suits, proceedings, claims, demands, losses, costs and
expenses, including legal costs and attorneys' fees, for injury or damage ("Damages") arising as a result
of any act or omission of Figtree or any of its officers, employees, contractors or agents; provided, that
the obligation to indemnify and hold harmless is only to the extent Figtree or any of its officers,
employees, contractors or agents caused Damages. This indemnity shall apply to all claims and liability
regardless of whether any insurance policies are applicable. The policy limits do not act as limitation
upon the amount of indemnification to be provided by Figtree.
2. Amendment/Interretation of this Agreement This Agreement represents the entire
understanding of the parties as to those matters contained herein. No prior oral or written understanding
shall be of any force or effect with respect to those matters covered hereunder. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the
parties hereto. This Agreement shall not be interpreted for or against any party by reason of the fact that
such party may have drafted this Agreement or any of its provisions.
3. Section Headings. Section headings in this Agreement are included for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose.
4. Waiver. No waiver of any of the provisions of this Agreement shall be binding unless in
the form of writing signed by the party against whom enforcement is sought, and no such waiver shall
operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay
in exercising any right or remedy hereunder shall constitute a waiver thereof.
5. Severability. Governing Law and Venue If any provision or portion thereof of this
Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise
unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law.
This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of California applicable to contracts made and to be performed in California. Venue for any action
relating to this Agreement shall be the Superior Court of the County of San Luis Obispo.
6. Notices.
All notices, demands and other communications required or permitted hereunder
shall be made in writing and shall be deemed to have been duly given if delivered by hand, against
receipt, or mailed certified or registered mail and addressed as follows:
If to the Administrator Figtree Company, Inc.
9330 Scranton Road, Suite. 600
San Diego, California 92121
Attn: Chief Executive Officer
Page 2 of 3
If to the City.
City of Morro Bay
595 Harbor Street
Morro Bay, CA 93442
Attna City Manager
7. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, which together shall constitute the same instrument.
8. Effective Date. This Agreement will be effective as of the date of the signature of City's
representative as indicated below in the signature block.
IN WITNESS HEREOF, the parties hereto duly executed this Agreement as of the date below.
City of Morro Bay
L Irons,
Date: v1 2 , 2017
APPROVED AS TO FORM:
G
J p . Pannone, City Attorney
Figtree Company, Inc., a California corp.
Peter Grabell, Senior Vice President
Its
Date: , 2017
Page 3 of 3
ATTEST:
ana Swanson, City Cleric
EXHIBIT C
Associate Member Agreement
by and between the
and the
THIS ASSOCIATE MEMBERSHIP AGREEMENT (this "Associate Membership Agreement"),
dated as of j,� l ul �, ? a; by and between CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY (the"Authority") and the CITY OF Morro Bay, CALIFORNIA, a municipal corporation,
duly organized and existing under the laws of the State of California (the "City");
WITNESSETH:
WHEREAS, the Cities of Selma, Lancaster and Eureka (individually, a "Member" and
collectively, the "Members"), have entered into a Joint Powers Agreement, dated as of June 1, 2006 (the
"Agreement"), establishing the Authority and prescribing its purposes and powers; and
WHEREAS, the Agreement designates the Executive Committee of the Board of Directors and
the President of the California Association for Local Economic Development as the initial Board of
Directors of the Authority; and
WHEREAS, the Authority has been formed for the purpose, among others, to assist for profit and
nonprofit corporations and other entities to obtain financing for projects and purposes serving the public
interest; and
WHEREAS, the Agreement permits any other local agency in the State of California to join the
Authority as an associate member (an "Associate Member"); and
WHEREAS, the City desires to become an Associate Member of the Authority;
WHEREAS, City Council of the City has adopted a resolution approving the Associate
Membership Agreement and the execution and delivery thereof;
WHEREAS, the Board of Directors of the Authority has determined that the City should become
an Associate Member of the Authority;
NOW, THEREFORE, in consideration of the above premises an
d of the mutual promises herein
contained, the Authority and the City do hereby agree as follows:
Page 1 of 3
Section J. Associate Member Status, The City is hereby made an Associate Member of the
Authority for all purposes of the Agreement and the Bylaws of the Authority, the provisions of which are
hereby incorporated herein by reference. From and after the date of execution and delivery of this
Associate Membership Agreement by the City and the Authority, the City shall be and remain an
Associate Member of the Authority.
Sectiozz 2. Restrictions and Ri6ht3of Associate Members. The City shall not have the right, as an
Associate Member of the Authority, to vote on any action taken by the Board of Directors or by the
Voting Members of the Authority. In addition, no officer, employee or representative of the City shall
have any right to become an officer or director of the Authority by virtue of the City being an Associate
Member of the Authority.
Sectiozz 3. Effect of Prior Authority Actions. The City hereby agrees to be subject to and bound
by all actions previously taken by the Members and the Board of Directors of the Authority to the same
extent as the Members of the Authority are subject to and bound by such actions.
Section 4. No Obligations of Associate Members. The debts, liabilities and obligations of the
Authority shall not be the debts, liabilities and obligations of the City.
Section S. Execution of the Agreement. Execution of this Associate Membership Agreement and
the Agreement shall satisfy the requirements of the Agreement and Article XII of the Bylaws of the
Authority for participation by the City in all programs and other undertakings of the Authority.
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IN WITNESS WHEREOF, the parties hereto have caused this Associate Membership
Agreement to be executed and attested by their proper officers thereunto dulyauthorized, on the day and
year first set forth above.
Attest:
Helen Schaubmayer, Asst. Secretary
Attest:
Oanao�
�
Swanson, City Clerk
CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY
By:
Gurbax Sahota, Chair
Board of Directors
CITY OF MORRO BAY CALIFORNIA
By:
Approved as to Form;
W. Pannone, City Attorney
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