(a) Council hereby authorizes the establishment of a Revolving Loan Fund Program under the Ohio Department of Development, Office of Local Government Services’ Revolving Loan Fund Guidelines.
(b) The Revolving Loan Fund funds are to be used to help qualified small businesses and industries expand within the City to create and/or retain permanent jobs for low and moderate income house-holds.
(c) The revised Revolving Loan Fund Guidelines, consisting of Pages 1 through 17, attached to original Ordinance 1990-28 and marked Exhibit A, are hereby approved for submission to the Ohio Department of Development, Office of Local Government Services.
(d) In keeping with the applicable requirements of its revised Revolving Loan Fund Guidelines, the Revolving Loan Fund Revolving Loan Committee (RLC) shall be appointed by the City Manager, and approved by Council, and shall consist of the following:
(1) The Ashtabula City Director of Finance;
(2) Two representatives from the local business community;
(3) An experienced loan officer from a local financial institution;
(4) A professional practicing accountant, preferably a CPA.
(Ord. 2014-52. Passed 4-21-14.)
CITY OF ASHTABULA