Section 27-166 Energy efficiency performance based incentives.
Prior to the adoption of Ord. 20582 on 03/15/2010, Section 27-166 read as follows.
(a) All loans made under the program shall bear an annual effective interest
equal to the
city "opportunity cost" at the time of the loan. "Opportunity cost" is hereby defined
to be the
interest cost of the city on its short term borrowing.
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
purchased with the loan proceed is affixed.
(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.
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 citys deed of trust to the deed of trust securing the refinanced
if the purpose of the loan is:
(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.
20527, § 1, 1-4-10)