What is the 2009/2010 ClimateSmart Loan Program?

In the 2008 General Election, Boulder County voters approved Ballot Measure 1A, which established a "Clean Energy Options Local Improvement District" and gave permission to Boulder County to issue up to a maximum of $40 million in special assessment bonds for this local improvement district. The ClimateSmart Loan Program is Boulder County's program to administer the loans made possible through this special district.

The 2009/2010 ClimateSmart Loan Program provides a voluntary mechanism for commercial and residential property owners to obtain financing for renewable energy and/or energy efficiency improvements to properties in Boulder County, including properties in all cities and towns. Each property owner who receives financing through the program will be responsible for repaying the loan via a special assessment on the improved property.

Loans obtained through the ClimateSmart Loan Program are not funded through a countywide tax increase. Property owners opt into the special assessment district on an individual basis.

What is a special assessment bond?

A special assessment bond is a bond (debt) sold by a government to lenders to provide funds for special development projects; in this case, Boulder County will obtain funding from lenders in order to establish a funding pool to provide financing to individual property owners for them to implement energy efficiency and renewable energy improvements to their properties.

The "special assessment" refers to the fact that the individual property owners who obtain financing through the ClimateSmart Loan Program will repay their debt via a special assessment on their individual properties that will be included with their annual property tax bills.