(A) Description of Fund.
(1) The City Economic Development Commission, through its Industrial Development Revolving Loan Fund Board, is hereby authorized to obtain loans from local financial institutions and to incur bonded indebtedness in the amount of up to $240,000.
(2) The funds are to be drawn down in conjunction with the draw-down of state grant funds and federal grant funds applied for by the city.
(Prior Code, § 3.64.010)
(B) Delegation of responsibilities.
(1) The Mayor, Board of Public Works and Safety and Economic Development Commission are hereby authorized to make application for federal grant funds in the amount of up to $400,000 to further supplement the Industrial Development Loan Fund project. The Common Council authorizes the indebtedness as being within and applicable to the city’s debt ceiling limits as established by statute.
(2) All of the funds, when recaptured in the form of the repayment of loans made by the Industrial Development Revolving Loan Fund Board as part of the project, shall be used to retire the aforesaid indebtedness and to make further industrial development loans as provided for in executed grant agreements, ordinances and state statutes.
(Prior Code, § 3.64.020)
(Ord. 1111, passed 5-5-1986)