Pasadena_Taxpayer_Protection_Amendment_Disclosure_(2).pdf

This is a Taxpayer Protection Amendment Disclosure form required by the City of Pasadena, California, in connection with a Low-Interest Solar and Energy Storage Loan Program. The City of Pasadena, through Pasadena Water and Power (PWP), is seeking qualified local banks and credit unions to partner in implementing a program that provides low-interest loans for solar and energy storage systems to eligible customers. The program primarily targets low-income PWP residential electric customers enrolled in PWP's Electric Utility Assistance Programs, including EUAP, CARES, and CARES Plus. PWP has tentatively allocated $3,000,000 for loan buydowns over a three-year initial period, with a target participation goal of funding loans for 175 customers during this timeframe. Proposing entities are also encouraged to present options for extending similar loan products to PWP's regular, non-low-income electric customers.

The disclosure form requires contractors and organizations to identify themselves by entity type (non-government, nonprofit 501(c)(3), (4), or (6)), and to provide detailed information regarding trustees, directors, partners, officers, and any individuals or entities with more than 10% equity, participation, or revenue interest in the contracting organization. The Public Benefit Fund will subsidize each loan through an interest rate buydown mechanism, enabling the successful proposing entity to offer loans at target interest rates within the range of 0% to 3% APR. This disclosure requirement is mandated under the City of Pasadena Charter, Article XVII, and ensures transparency regarding the financial interests and organizational structure of entities seeking to contract with the city.