The licensee shall be entitled to a credit against the annual license fee required hereby in the amount of any annual debt service payable by the licensee to the City pursuant to any loan of UDAG funds from the City to the licensee and in the further amount of any annual debt service payable by the licensee to the City; and/or its agents, pursuant to any loan of funds provided by a specific grant from the State of Michigan. Said credits shall be in that annual amount which is sufficient to cause repayment of the entire principal balance of the loans, together with interest thereon, within the terms thereof.
(Ord. 2867, passed 2-14-1983)