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4 <br />Improvement Bond Act of 1915. Neither CEDA, nor any of its members participating in the <br />Figtree PACE Program, shall advance available surplus funds from its treasury to cure any <br />deficiency in the redemption fund to be created with respect to the indebtedness; provided, <br />however, that this determination shall not prevent CEDA or any of its members from, in their <br />sole discretion, so advancing funds. The Bonds may be refunded under Division 11.5 of the <br />California Streets and Highways Code or other applicable laws permitting refunding, upon the <br />conditions specified by and upon determination of CEDA. <br /> <br />CEDA hereby authorizes the Program Administrator, upon consultation with CEDA <br />general counsel, bond counsel and the Figtree PACE underwriter, to commence preparation of <br />documents and take necessary steps to prepare for the issuance of bonds, notes or other forms of <br />indebtedness as authorized by Chapter 29. <br /> <br />In connection with the issuance of bonds payable from contractual assessments, CEDA <br />expects to obligate itself, through a covenant with the owners of the bonds, to exercise its <br />foreclosure rights with respect to delinquent contractual assessment installments under specified <br />circumstances. <br /> <br />Section 6. Public Hearing. Pursuant to the Act, CEDA hereby orders that a public <br />hearing be held before CEDA Board (the “Board”), at 550 Bercut Drive, Suite G, Sacramento, <br />CA 95811, on _________, __________, at _____ A_, for the purposes of allowing interested <br />persons to object to, or inquire about, the proposed Figtree PACE Program. The public hearing <br />may be continued from time to time as determined by the Board for a time not exceeding a total <br />of 180 days. <br /> <br />At the time of the hearing, the Report described in Section 8 hereof shall be summarized, <br />and the Board shall afford all persons who are present an opportunity to comment upon, object <br />to, or present evidence with regard to the proposed Figtree PACE Program, the extent of the area <br />proposed to be included within the boundaries of the assessment district, the terms and <br />conditions of the draft assessment contract described in Section 8 hereof (the “Contract”), or the <br />proposed financing provisions. Following the public hearing, CEDA may adopt a resolution <br />confirming the Report (the “Resolution Confirming Report”) or may direct the Report’s <br />modification in any respect, or may abandon the proceedings. <br /> <br />The Board hereby orders the publication of a notice of public hearing once a week for <br />two successive weeks. Two publications in a newspaper published once a week or more often, <br />with at least five days intervening between the respective publication dates not counting such <br />publication dates are sufficient. The period of notice will commence upon the first day of <br />publication and terminate at the end of the fourteenth day. The first publication shall occur not <br />later than 20 days before the date of the public hearing. <br /> <br />Section 7. Notice to Water and Electric Providers. Pursuant to Section 5898.24 of the <br />Streets & Highways Code, written notice of the proposed contractual assessment program within <br />the City to all water and electric providers within the boundaries of the City has been provided. <br /> <br />Section 8. Report. The Board hereby directs the Program Administrator to prepare the