HomeMy Public PortalAbout052-2003 _Section 61.02_b_-Structure and Administration_ORDINANCE NO. 52-2003
A GENERAL ORDINANCE AMENDING SECTION 61.02(b) OF THE
RICHMOND CODE
WHEREAS, Chapter 61 of the Richmond Code establishes the Community and Economic
Loan Fund; and
WHEREAS, Section 61.02 defines the types of loans and expenditures that can be made from
said Loan Fund; and
WHEREAS, the Loan Fund is intended to assist individuals and businesses in Richmond; and
WHEREAS, expanding the types of loans administered by Loan Fund will help increase
economic development in Richmond.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana,
that the following Section 61.02(b) of the Richmond Code shall be amended to read as follows
except that portions that appear in bold shall appear in normal print and portions that are stricken
shall not appear (bold portions represent new additions to Code and stricken portions represent
deletions; these are included to facilitate understanding of the changes being made):
61.02 STRUCTURE AND ADMINISTRATION
(b) Expenditures out of this fund will include, but not necessarily be limited to:
(1) Low interest loans in conjunction with conventional loans through
lenders
(2) Historic preservation loans in conjunction with conventional loans
through private lenders
(3) Housing rehabilitation loans
(4) Eligible community, economic and rehabilitation and preservation
activities as defined pursuant to 24 CFR 570.201, 570.202, 570.203
and 570.204
(5) Local matching funds necessary to obtain State and/or Federal
grants relating to community and economic development
(6) Necessary administrative and professional costs associated with
community and economic development activities
(7) Provide loan guarantees of private sector funds, but not exceeding
the financial capability of the fund and not encumbering other City
funds, resources and/or property
(8) Expenditures out of this fund utilizing money provided to this fund by
the Urban Enterprise Association of Richmond, Inc. shall only by
used within the designated enterprise zone in accordance with the
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program standards established by the Urban Enterprise Association
of Richmond, Indiana.
(9) Low interest, short term loans intended to assist small
businesses.
Passed and adopted this day of
of Richmond, Indiana.
ATTEST:
(Norma Schroeder)
City Clerk
2003, by the Common Council of the City
, President
(Bing Welch)
PRESENTED to the Mayor of the City of Richmond, Indiana, this day of
2003, at 9:00 a.m.
, City Clerk
(Norma Schroeder)
APPROVED by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this day
of 2003, at 9:05 a.m.
Mayor
ATTEST:
(Norma Schroeder)
City Clerk
(Shelley D. Miller)
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