HomeMy WebLinkAboutR89-1030i0
REVOLVING LOAN FUND - SOUT~ PLAINS ASSOCIATION OF GO~S -
JOHN SANDS
RESOLUTION NO. R89-103
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAINVIEW, TEXAS, AUTHORIZING PARTICIPATION IN
THE SOUTH PLAINS ASSOCIATION OF GOVERNMENTS
REVOLVING LOAN FUND THROUGH THE USE OF THE
PLAINVIEW REVOLVING LOAN FUND MONIES FOR THE
JOHN SANDS' PROJECT.
Whereas, the City of Plainview has established a Revolving
Loan Fund with income to the fund being Program Income from the
Texas Department of Commerce, Texas Capital Fund Grants and other
miscellaneous sources; and
Whereas, the City of Plainview Revolving Loan Fund has been
approved by the Texas Department of Commerce; and
Whereas, the City has demonstrated a desire to utilize a
portion of the City of Plainview Revolving Loan Fund to leverage
monies from the South Plains Association of Governments Economic
Development Administration Revolving Loan Fund to assist local
businesses; and
Whereas, John Sands, in accordance with the City of
Plainview Revolving Loan Fund, has submitted a request to the
City of Plainview and the South Plains Association of Governments
for a loan; and
Whereas, the City of Plainview and the South Plains
Association of Governments have entered an Agreement concerning
the City's leveraging of the South Plains Association of
Governments Revolving Loan Fund; and
Whereas, the City of Plainview believes that the John Sands'
Project is a viable one;.and
Whereas, any individual wishing to inspect a copy of the
loan application from John Sands may contact the City Manager's
Office of Plainview.
Now, Therefore, Be It Resolved by the City Council of the
City of Plainview, Texas, that in accordance with the City of
Plainview Revolving Loan Fund and the Agreement between the City
of Plainview and the South Plains Association of Governments
concerning said Revolving Loan Fund, the City hereby appropriates
$11,250.00 of the City of Plainview Revolving Loan Fund in order
011
to leverage $45,000.00 from the South Plains Association of
Governments Economic Development Administration Revolving Loan
Fund to assist John Sands, a furniture manufacturer, whose
business is within the City of Plainview. Said allocation is
subject to the approval of said loan by the South Plains
Association of Governments Economic Development Administration
Revolving Loan Fund Board.
Be It Further Resolved that the program income from the City
of Plainview Revolving Loan Fund is specifically appropriated
from TCDP Contract No. 7064572-EMCO.
Passed and approved February 14, 1989.
E.V. Ridlehuber, Mayor
ATTEST:
Carla Reese, City Secretary
APPROVED AS TO CONTENT:
APPROVED AS TO FORM:
David Blackburn, City Attorney