HomeMy WebLinkAbout1991-OR-11 ORDINANCE NO. 91-OR- //
ORDINANCE GRANTING A LoAN FROM THE REVOLVING ECONOMIC
DEVELOPMENT FUND OF THE CITY OF JEFFERSONViLLE
WHEREAS,
the City of
Development Revolving Fund
Indiana Code 5-1-14-14; and
WHEREAS, pursuant to
local regulations Rosalco,
by Ordinance NO. 90-OR-49, the Common Council of
Jeffersonville created the Jeffersonville Economic
pursuant to the provisions of
the provisions of such state and
Inc. has applied for a loan from
said fund in the principal amount of $100,000.00, which
application has received a favorable recon~nendation by the
Jeffersonville Economic Development Revolving Loan Committee.
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 $100,000.00 to Rosalco, Inc. 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 Cl~rk 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 by the Common Council of the City of
Jeffersonville, Clark
, 1991.
ATTEST:
County, Indiana, on the ~ day of
/~RE-SIDENT, COMMON COUNCIL
Presented by me
City of Jeffersonville
1991.
This Ordinance
day of ~
as clerk-Treasurer to the Mayor of said
this ~ day of ~,
approved and signed by me this
, 1991.