June 10, 2012
Bricker Sets The PACE: Ohio Achieves First PACE Bond Issuance with Bricker & Eckler as Bond Counsel
Toledo, Ohio … Bricker & Eckler served as bond counsel for the Toledo-Lucas County Port Authority as it issued the first PACE bonds issued in Ohio. On May 24, the Port Authority completed the $5.325 million bond transaction by issuing bonds through the Northwest Ohio Bond Fund. The transaction was a cooperative effort of the Port Authority, the Port Authority’s BetterBuildings Northwest Ohio Program, and the City of Toledo and aimed at improving the energy efficiency and environmental performance of City of Toledo, Ohio municipal buildings. The City of Toledo anticipates reducing its ongoing energy costs with the financed improvements. Financed improvements include replacing windows, upgrading light fixtures and boilers, installing vacancy sensors and replacing or insulating hot water tanks.
Property Assessed Clean Energy (PACE) bonds are a financial tool used by property owners to fund energy efficiency improvements on their properties. Property owners who take advantage of PACE funding opportunities may use the money for a variety of projects, including updating existing office buildings or warehouses, or acquiring an alternative energy source, like solar panels or wind turbines.
PACE is also a useful tool for municipalities, school districts, counties and townships. These types of governmental entities can use PACE funding for significant amounts of deferred maintenance or to update or supplement their power sources. A properly structured PACE financing transaction can provide capital to public entities without impacting certain local debt limitations.
Bricker & Eckler is Ohio’s leader in PACE financing. Bricker attorneys can work with private property owners and governmental entities to create the special improvement district necessary to the implement PACE financing, to levy assessments, and to structure the financing arrangements necessary to fund the improvements.
PACE financing in Ohio can be used to fund wide variety of energy-related improvements, including energy efficiency technologies for existing facilities as well as new energy sources like solar, geothermal, wind, biomass and gasification. Additionally, PACE financing may be used for related costs, like engineering, design, capitalized interest, reserve fund and professional costs.
For more information on PACE assessments and financing for you or your community, contact J. Caleb Bell at firstname.lastname@example.org.
For more information about the Toledo-Lucas County Port Authority Northwest Ohio Bond Fund or the Toledo-Lucas County Port Authority BetterBuildings Northwest Ohio Program, visit the Toledo-Lucas County Port Authority online.
Bricker & Eckler acted as bond counsel to the Toledo-Lucas County Port Authority for this transaction. Bricker & Eckler is one of Ohio’s leading law firms. Located in Columbus, Cincinnati-Dayton, and Cleveland, the firm represents a wide variety of clients including individuals, private businesses and corporations, real estate developers, banks and financial institutions, insurers, nonprofit organizations, governmental units, health care entities, school districts, municipalities, manufacturers, and logistics and transportation organizations. For more information, visit us online at www.bricker.com.