Section 27-166 Energy efficiency performance based incentives.
Prior to the adoption of Ord. 017895 on 11/03/2003, Section 27-166 read as follows.
(a) All loans made under the program shall bear an annual effective interest
rate 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.
(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 super saver energy
conservation loan 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. The city shall not subordinate a deed of trust securing a loan under
to any subsequent deed of trust.
(Code 1964, § 15.950; Ord. No. 13794, § 1, 9-7-93)