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DRAFT

U.S. DOE

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to 90 days, or however long it takes to reach a sufficient dollar threshold), and the other while the bond completes the issuance process (~30 to 90 days). It is only after the bond is issued that the covered projects are given notice to proceed with implementation because it is only then that funding can be guaranteed. See Figure 2 for a diagram of the process flow.

Figure 2 – Pooled Bond Process Flow

Applicant

Program

Submit application (requesting $X for project)

Receive application & approve

Receive approval (but wait for notice to proceed)

Aggregate projects (until total $ threshold reached)

Receive notice to proceed

Place assessment

Implement project

Issue bond (to fund aggregated projects)

Request payment

Issue notice to proceed

Pay contractor

Receive payment request

Pay back via property taxes

Verify project completion

Issue progress/final payment (paid from bond proceeds)

This pooled bond approach is similar to the one used by Boulder County, Colorado, which recently launched a commercial PACE program. 9

3.3 Owner Arranged

If a property owner has a lender that is interested in providing project financing directly and is willing to accept the PACE securitization and payback framework, then owner-arranged financing is an option. This avoids both waiting periods associated with the pooled bond approach and allows for immediate financing of projects at interest rates set by the underlying credit of the particular project. Owner-arranged financing is easier for program planners to design and program administrators to run because they do not have the

9

www.bouldercounty.org/bocc/cslp/cslp_commercial.html

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Chapter 13

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