HomeMy WebLinkAboutR88-215REVOLVING LOAN FUND - SPAG
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RESOLUTION NO. R88-215
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAINVIEW, TEXAS, COMMITTING THE CITY OF PLAINVIEW
REVOLVING LOAN FUNDS, THROUGH THE PLAINVIEW/HALE
COUNTY INDUSTRIAL FOUNDATION, AS LEVERAGE FOR THE
ESTABLISHMENT OF THE SOUTH PLAINS ASSOCIATION OF
GOVERNMENTS REGIONAL REVOLVING LOAN FUND, FROM THE
ECONOMIC DEVELOPMENT ADMINISTRATION.
WHEREAS, on July 28, 1987, at a City Council Meeting, the
Plainview City Council committed the first $166,000.00 of program
income from economic development grants towards the establishment
of the South Plains Association of Governments Revolving Loan
Fund; and
WHEREAS, the South Plains Association of Governments
Revolving Loan Fund was leveraged from the Economic Development
Administration through the $166,000.00 pledged by the City of
Plainview; and
W~RREAS, the South Plains Association of Governments
Revolving Loan Fund from the Economic Development Administration
is $500,000.00; and
WHEREAS, the City Council of the City of Plainview, Texas,
chose to leverage the money by contracting with the Plainview/Hale
County Industrial Foundation; and
WHEREAS, the Plainview/Hale County Industrial Foundation
committed $166,000.00 for the establishment of the fund with the
understanding that the City of Plainview through its Economic
Development Program income, would be responsible for said cost.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Plainview, Texas, that the first $166,000.00 of program
income, through Economic Development Grant/Loans, is hereby
committed to the establishment of the South Plains Association of
Governments Economic Development Administration Revolving Loan
Fund.
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Passed and approved on December 8,
EoV. Ridlehuber, Mayor
A~EST:
Carla Reese, City Secretary
APPROVED AS TO CONTENT:
N~rman Huggi~~
Director of Finance
APPROVED AS TO FORM:
b~vid-~-i-~ckbur n
City Attorney