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Sec. 10.44.3. City Loan or Grant Recipients.
 
   (a)   A City Loan or Grant Recipient is subject to this article if the loan or grant is for economic development or job growth, is in an aggregate amount that exceeds $25,000 and either:
 
   (1)   The loan is provided at an interest rate below the applicable federal rate as used in 26 U.S.C. Sections 1274(d), 7872(f) at the time the Contract is executed; or
 
   (2)   The loan is at or above the applicable federal rate but the loan provides a mechanism for forgiving the interest.
 
   (b)   In the event that the applicable federal rate falls below the rate at which a City Loan is provided during the term of the Contract, the Awarding Authority may request the DAA to waive the requirements of this article.
 
SECTION HISTORY
 
Added by Ord. No. 179,281, Eff. 12-3-07.