HomeMy WebLinkAbout1990-OR-49 ORDINANCE NO. 90-OR-
ORDINANCE CREATING R~VOLVING ECONOMIC DEVELOPMENT FUND
FOR THE CITY OF JEFFERSONVILLE, INDIANA
WHEREAS, the Indiana Legislature has adopted Indiana
Code 5-1-14-14, the provisions of which municipalities are
entitled to establish a revolving fund for economic development
purposes; and,
WHEREAS, the City of Jeffersonville, Indiana, has been
enormously successful in procuring IIP 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.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of Jeffersonville as follows:
1. That it hereby establishes a fund to be known as the
Jeffersonvilte Economic Development Revolving Fund
into which proceeds from grants, the proceeds of the
sale of notes, or the proceeds of bonds issued under
I.C. 5-1-14-14 and I.C. 36-9-32 may be deposited.
2. 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 I.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, which shall consist of three (3) to
five (5)
all such
institutions in Clark
with a background in
event, the committee
This
timely passage,
members to be appointed by the Mayor, with
members bei~ representatives of financial
County, Indiana, or persons
public accounting. In any
shall consist of at least one
representative of each of the three (3) largest
financial institutions in Clark County, Indiana.
Ordinance shall be in full force and effect upon its
promulgation and approval by the Mayor.
Passed
Jeffersonville, Clark
, 1990.
and adopted by the Common Council of the City of
County, Indiana, on the // day of
ATTEST:
C. 'RICHARD SPE~ER, J~R'.
CLERK-TREASURE~
~ROBERT .
PRESIDENT, COMMON COUNCIL
Presented
City of Jeffersonville
1990.
This Ordinance
day of ~.~.
by me as clerk-Treasurer to the Mayor of said
this /~ day of _~ .~ ,
C. ~ICHARD sPE~ER,
CLERK-TREASURE;
approved and signed by me this
/?
, 1990.