HomeMy WebLinkAbout1991-OR-31 ORDINANCE NO. 91-OR-~
ORDINANCE GRANTING A LOAN FROM THE REVOLVING EcoNoMIC
DEVELOPMENT FUND OF THE CITY OF JEFFERSONVILLE
the
Development Revolving Fund
Indiana Code 5-1-14-14; and
WHEREAS, pursuant to the
local regulations Ann Coomer,
WHEREAS, by Ordinance No. 90-OR-49, the Common Council of
City of Jeffersonville created the Jeffersonville Economic
pursuant to the provisions of
provisions of such state and
d/b/a Ann's On The River, has
applied for a
$16,000.00, which application has
recommendation by the Jeffersonville
Revolving Loan Committee.
loan from said fund in the principal amount of
received a favorable
Economic Development
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of Jeffersonville that it hereby approves a loan in
the principal amount of $16,000.00 to Ann Coomer, d/b/a Ann's
On The River, in order to assist its substantial economic
development activity in Jeffersonville. Said loan shall be
repaid with monthly payments amortized over a ten year period
with a fixed interest rate to be set at one-half the prime rate
of the largest financial institution in Clark County, Indiana,
on the date of the closing of the loan with the borrower. Said
loan shall be closed utilizing forms and documents approved by
the Jeffersonville Revolving Loan Committee and the
Jeffersonville City Attorney.
This Ordinance shall be in full force and effect upon its
timely passage, promulgation and approval by the Mayor.
Passed and adopted
Jeffersonville, Clark
ATTEST:
by the Common Council of the City of
County, Indiana, on the /~ day of
,~ESIDENT, COMMON COUNCIL
Presented by me as Clerk-Treasurer to the Mayor of said
City of Jeffersonville this /~ day of
1991.
CLERK-TREASURER
approved and signed by me this
This
Ordinance
day of /~ , 1991.
MAYOR--DALE L. OREM