WHEREAS, beginning in 2009, the General Assembly adopted various state laws to authorize and implement what is known as Property Assessed Clean Energy (“PACE”) financing, a mechanism for funding energy-efficient property improvements through loans which are serviced by the levying and collection of special assessments; and

WHEREAS, PACE financing does not involve the use of city funds, and the city’s role in a PACE financing arrangement is limited to the levying of special assessments and transfer of the proceeds thereof to an outside lender; and

WHEREAS, no Oakwood property owners have pursued PACE financing to date, but city staff anticipates receiving the first application in the coming months; and

WHEREAS, Sections 5705.09 and 5705.12 of the Ohio Revised Code require that cities establish certain specified funds within their fiscal records, and permit, but do not require, the creation of additional special funds; and

WHEREAS, the City Manager has recommended the creation of a new fund in the city’s financial records to be known as the Special Improvement District Assessment Fund, which will allow for the separate accounting of special assessments relating to Property Assessed Clean Energy (PACE) financing; and

WHEREAS, pursuant to Section 5705.12 of the Ohio Revised Code, the State Auditor’s approval is required in order to establish this fund; and

WHEREAS, Council desires to accept the recommendation of the City Manager;

NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF OAKWOOD, STATE OF OHIO, THAT:

Through this ordinance a new fund entitled the Special Improvement District Assessment Fund is created, subject to and requiring the approval of the State Auditor as provided in Section 5705.12 of the Ohio Revised Code.

The Director of Finance is hereby authorized to seek the State Auditor’s approval of the fund created in Section I, and to take such related actions as may be necessary to secure state approval. If such approval is granted, the Special Improvement District Assessment Fund shall be promptly entered upon the fiscal records of this city and may be utilized immediately. If such approval is declined, and such declination is final, this ordinance shall thereupon become null and void, and shall be repealed automatically by operation of law.

All revenues and expenditures relating to special assessments for PACE or similar financing within a special improvement district shall be allocated to the Special Improvement District Assessment Fund for use as provided by law.

This ordinance is hereby declared to be an emergency measure and as such shall take effect immediately, on the basis that it is necessary to create the new fund promptly so that it is in place prior to receiving any applications for inclusion of a property within a special improvement district, and on the further basis of protection of the public peace, health, safety and welfare.