Prior to the adoption of Ord. 21063 on 09/06/2011, Section 27-166 read as follows.

    (a) The city hereby establishes the performance based incentives programs listed in this section, subject to the availability of funds for such purposes, for qualified electric customers of the water and light utility. These incentives are quantified and measured with monitoring equipment.  All loans made under the program shall bear an annual effective interest rate determined by the length of the loan repayment. Interest rate shall be set as follows:

    Loan of three (3) years or less    1%
    Loan of greater than three (3) years but not more than five (5) years    3%
    Loan of greater than five (5) years but not more than ten (10) years    5%

    (b) All loans shall be secured by a deed of trust for the property to which the improvement purchased with the loan proceed is affixed. The  following programs are established to encourage the purchase of approved equipment and approved installations:

        a.    Residential Performance Based Programs

        b.    Commercial Performance Based Programs

    (c)    The loan documents, note and security interest or deed of trust evidencing the loan shall be in the form approved by the city counselor. For purposes of providing electric customer reimbursements, the water and light department shall establish policy and criteria for each program with regard to proper proof of purchase and installation of equipment to insure the integrity of each project.  Each proposed project shall be reviewed by the water and light department to insure that it provides the intended benefits of the program.

    (d)    When the owner of property encumbered by a deed of trust securing a loan under this program refinances a loan secured by a first deed of trust on the property, the city manager is authorized to subordinate the city's deed of trust to the deed of trust securing the refinanced loan if the purpose of the loan is: Reimbursements exceeding the maximum amount normally allowed under program policies will be conditional on a financial assessment by the water and light department and must be pre-approved by the water and light director. Such reimbursements shall be reported to the Water and Light Advisory Board. Policies and procedures are subject to change.

    (1)    To obtain a lower interest rate; or

    (2)    To secure funding for improvements to the property.

(Code 1964, § 15.950; Ord. No. 13794, § 1, 9-7-93; Ord. No. 17895, § 1, 11-3-03; Ord. No. 20527, § 1, 1-4-10; Ord. No. 20582, § 1, 03-15-10)