Section 27-166 Energy efficiency performance based incentives.
Prior to the adoption of Ord. 21063 on 09/06/2011, Section 27-166 read as follows.
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
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%
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
b. Commercial Performance
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.
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
(1) To obtain a lower interest rate; or
(2) To secure funding for improvements to the
(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)