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REVOLVING LOAN FUND - ECONOMIC DEVELOPMENT
RESOLUTION NO. R88-203
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAIN-VIEW, TEXAS, ESTABLISHING A REVOLVING LOAN
FUND FOR ECONOMIC DEVELOPMENT IN ACCORDANCE WITH
TITLE I OFT HE HOUSING AND COMMUNITY DEVELOPMENT
ACT OF 1974, AS AMENDED.
WHEREAS, the City of Plainview is a recipient of economic
development grants; and
W~RREAS, the City has indicated that the proceeds from said
grants will be utilized to establish a revolving loan fund to promote
economic development efforts; and
WHEREA~, a copy of said policy is attached and hereby made a
permanent part of this Resolution.
NOW, THERE~RE, BE IT RESOLVED by the City Council of the City
of Plainview, Texas, that a Revolving Loan Fund for economic
development promotion is hereby established and it shall be
administered in accordance with Title I of the Housing and Community
Development Act of 1974, as amended, in accordance with City Council
Policy 881020.
PASSED AND APPROVED this the 25th day of Octobe~ 1988..
E.V. Ridlehuber, Mayor
ATTEST:
~es~e~ity Secretary
APPROVED AS TO FORM:'
David Blackburn, City Attorney
181
CITY OF PLAINVIEW
CITY COUNCIL POLICY 881020
October 20, 1988
Sb~JECT: Revolving Loan Fund - Economic Development
SCOPE:
This policy is established to provide general guidelines, for the
City Financial Staff, in maintaining a Revolving Loan Fund and
processing applications for loans from the FUnd.
RESPONSIBILITY:
The Finance Director shall be responsible for seeing that the City
Financial Staff adheres to the guidelines set forth in this
policy.
GUIDmLINKS:
Thru the adoption of this Policy, arn Economic Development
Revolving Loan Fund is hereby established. The Fund shall have
deposited in it the proceeds from loans, from Economic Development
Grants, to EMCO, MMS, Inc., and Wal-Mart._ The City Council shall
utilize the Revolving Loan Fund exclusively for the City of
Plainview and its extra-territorial jurisdiction, for eligible
economic development activities in accordance with the provisions
of Title I of the Housing and Community Development Act of 1974,
as amended. The City Finance Director will utilize Texas
Department of Commerce General Guidelines for processing the loan
application. The loan application shall be submitted to the City
Council who shall make a determination as to whether or not the
loan shall be funded and the terms of such.
The Finance Director shall provide a quarterly report to the
Mayor, City Council and City Manager outlining the activity of the
fund.
(This policy was adopted by the Plainview City Council thru
Resolution No. R88-203 on October 25, 1988)