HomeMy WebLinkAbout2021-15 On-Bill Financing Program1
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RESOLUTION NO. 2021-15
A RESOLUTION ESTABLISHING THE ON -BILL FINANCING PROGRAM
WHEREAS, Ashland Electric has developed the On -Bill Financing Program for the rural areas
in our service territory intended to be funded with the proceeds from the United States
Department of Agriculture's Rural Energy Savings Program; and
WHEREAS, Ashland Electric will offer the On -Bill Financing program to provide easy,
affordable loans to building owners for approved energy efficiency and renewable energy
improvements. Customers pay back the loan through a per -meter charge on their utility bill. The
loan payment is considered part of the charges for electric services to the property. The On -Bill
Financing program will lend utility customers up to $30,000 to implement approved energy
efficiency and renewable energy measures; and
WHEREAS, Ashland Electric has developed a comprehensive implementation work plan and
financial forecast for On -Bill Financing Program; and
WHEREAS, Ashland Electric has developed a comprehensive measurement and verification
program in connection with On -Bill Financing Program; and
WHEREAS, the financial forecast, the implementation work plan and the measurement and
verification program, and related documents will be considered by the Rural Utilities Service, an
agency of the United States Department of Agriculture, in making a determination to make a
financially feasible and adequately secure loan to Ashland Electric; and
WHEREAS, Ashland Electric intends to submit a loan application under the Rural Energy
Savings Program Loan as prescribed in the Rules and Regulations published in the Federal
Register, Vol. 85, No. 64 on April 2, 2020.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ASHLAND, OREGON,
RESOLVES AS FOLLOWS:
SECTION 1. That Ashland Electric approves the implementation work plan, the financial
forecast and related documents in connection to the On -Bill Financing Program.
SECTION 2. That Ashland Electric's officers, managers, and staff are authorized to carry out all
RESOLUTION NO. 2021-15
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necessary actions including, but not limited to, the executing and attesting to all necessary
documentation in connection with the loan application to participate in the Rural Energy Savings
Program as provided in the NOSA.
SECTION 3. That Ashland Electric's officers are authorized to apply for and take a loan in the
amount of $ 10,000,000 to carry out On -Bill Financing Program.
SECTION 4. That the loan shall bear a maturity date to cover an approximate period of 20
years.
SECTION 5. This resolution is effective upon adoption.
ADOPTED by the City Council this day of 2021.
ATTEST:
Melissa Huhtala, City Recorder
A�Ll
SIGNED and APPROVED this day of 7vj h 2021.
A
$lie Akins, Mayor
Reviewed as to form:
14/
trina L. Brown, Assistant City Attorney
RESOLUTION NO. 2021-15
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