177.06 LOAN AGREEMENT NEGOTIATIONS.
   The amount, rate and terms of loans will be negotiated by the Program Administrator for the purpose of presenting a proposal for Council's consideration. The rate of interest on any loan will be negotiated on a basis of blending total interest involved in the project. The term of any loan will be based on the collateral provided for the loan and generally will be no longer than ten to twelve years for land and building and five to seven years for equipment liens. The amount of any loan will generally be subject to:
   (a)   A minimum loan of ten thousand dollars ($10,000) except in cases involving a project that creates more than two jobs and needs less than ten thousand dollars ($10,000); and
   (b)    A maximum loan of fifty thousand dollars ($50,000) except in cases where it can be demonstrated that the project would not be competitive in the Federal CDBG U.D.A.G. or where time constraints prohibit waiting for Federal filing deadlines. (Ord. 10-88. Passed 2-16-88.)