HomeMy WebLinkAbout2011-OR-63 ,
ORDINANCE 2011 -OR- 63
AN ORDINANCE AMENDING ORDINANCE 90 -OR-49
ORDINANCE CREATING REVOLVING ECONOMIC DEVELOPMENT FUND
FOR THE CITY OF JEFFERSONVILLE, INDIANA
WHEREAS, the Indiana Legislature has adopted I.C. 5 -1- 14-14, the provisions of which
municipalities can establish a revolving fund for economic development purposes, and,
WHEREAS, the City of Jeffersonville has been successful in procuring HP grant funds for
economic development purposes from the Indiana Department of Commerce, which funds when
lent to specific industries are to be repaid to the City into such a revolving loan fund.
WHEREAS, the City of Jeffersonville passed 90 -OR -49, creating such revolving loan
t'und, and creating the Jeffersonville Economic Development Revolving Loan Committee to
review applications of prospective borrows.
WHEREAS, the passage of time and the ever changing make up of local financial
institutions requires a broadening of qualifications for the Jeffersonville Economic Development
Revolving Loan Committee members.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Jeffersonville as follows:
1. It hereby continues the established fund know as the Jeffersonville Economic
Development Revolving Fund, as established in 90 -OR-49 and pursuant to I.C. 5 -1 -14-14 and
I.C. 36 -9-32.
2. Further, the City may loan money from this revolving fund to any borrower if it first
finds that the loan will be used by the borrower for one or more of the purposes enumerated in
1.C. 5- 1- 14- 14(b). Such loans shall be made by ordinance of the Common Council, and only after
a favorable recommendation by the Jeffersonville Economic Development Revolving Loan
Committee.
3. The Jeffersonville Economic Development Revolving Loan Committee shall consist of
five (5) members to be appointed by the Mayor, with all such members being representatives of
financial institutions in Clark County, Indiana, or persons with a background in public accounting,
small business ownership or the legal profession. In any event, at least three (3) of the five (5)
Committee Members shall be from different financial institutions in Clark County, Indiana, with
the entire Committee Membership having no more than 2 members from the same financial
institution.
This Ordinance shall be in full force and effect upon its timely passage, promulgated and approval
by the Mayor.
I
Voted For Voted Against:
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Passed this ■ day of_, 2011.
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• mas Galligan, : yo
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Attest: n
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Peggy er, City Clerk Treasurer
Presented by me, Peggy Wilder, the City Clerk-treasurer, to the Mayor of the City of
Jeffersonville, Indiana on this tfr day of leue►..kt, , . 2011
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Peggy i !der, Clerk- Treasurer
This Ordinance signed an approved homas Cralhgan, Mayor of the City of
Jeffersonville, Indiana this d` day of ¢r , 2011.
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Thomas Galligan, Mayor