HomeMy WebLinkAbout1991-OR-36 ORDINANCE NO.
ORDINANCE GRANTING A LOAN FROM THE REVOLVING ECONOMIC
DEVELOPMENT FUND OF THE CITY OF JEFFERSONVILLE
WHEREAS, by Ordinance No. 90-OR-49, the Common Council of
the City of Jeffersonville created the Jeffersonville Economic
Development Revolving Fund pursuant to the provisions of
Indiana Code 5-1-14-14; and
WHEREAS, pursuant to the provisions of such state and
local regulations Louis Hancock and Virginia Hancock have
applied for a loan from said fund in the principal amount of
$20,000.00, which application has received a favorable
recommendation 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 $20,000.00 to Louis Hancock and
Virginia Hancock in order to assist their 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. Said loan shall be secured by
the assignment of rights under a certain real estate contract
dated August 14, 1987, as amended by written agreement on
August 5, 1988, between Norma A. Oliver, as seller, and
Richard B. Lombari, Sr., Ruth E. Lombari, Louis Hancock and
Virginia Hancock, as buyers, of the premises commonly known as
326 Spring Street, Jeffersonville, Indiana.
This Ordinance shall be in full force and effect upon its
timely passage, promulgation and approval by the Mayor.
Passed and
Jeffersonville,
adopted by the Common Council of the City of
Clark County, Indiana, on the /.~-day of
1991.
ATTEST:
Presented by me
City of Jeffersonville
1991.
~MES L. CARTER
PRESIDENT, COMMON COUNCIL
as Clerk-Treasurer to the Mayor of said
this /-~-- day of ~ ,
CLERK-TREASURER
This Ordinance approved and signed by me this /4'--
day of ~o~, , 1991.
MAYOR DALE L. OREM