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Vice Chairman Davis asked how the property owners could ensure that they were using <br /> reputable contractors and getting competitive prices on the improvements they were making. He <br /> also asked whether the PACE Funding Agency is subject to truth4n4ending laws . <br /> Mr. Stein responded that the contractors must be licensed to do business in the <br /> community, and the property owners are responsible to provide all necessary information to <br /> PACE for review. He explained that disclosures regarding the loan terms will be part of the <br /> loan closing package. <br /> Commissioner O ' Bryan requested clarification on whether there would be a "non- <br /> accelerated" clause in the loan documents, so the loan balance is not required to be paid at the <br /> closing and carries over to the new owner (in accordance with the PACE program), and whoever <br /> holds the first mortgage can leapfrog the tax lien. <br /> Mr. Stein revealed that the PACE Board would select the financial service providers on <br /> December 17 , 2012 ; thus, he did not yet have all the information regarding the loan conditions . <br /> He noted however, that the interest rates should be at least equivalent to market rates. <br /> Commissioner O ' Bryan expressed support for the PACE program, but requested that <br /> Attorney Polackwich explore this matter further and report back to the Board. <br /> Attorney Polackwich affirmed that he would do so . <br /> 6 . APPROVAL OF MINUTES <br /> G.A. REGULAR MEETING OF NOVEMBER 6. 2012 <br /> The Chairman asked if there were any corrections or additions to the minutes. There <br /> were none. <br /> December 11 2012 3 1 4 3 PC 254 <br />