Chapter 4.44
SOUTHEAST ECONOMIC DEVELOPMENT FUND

Sections:

4.44.010    Establishment.

4.44.050    Procedure for deciding upon applications for loan guarantees.

4.44.010 Establishment.

There shall be established a southeast economic development fund (“fund”), for qualifying private-sector loans. Only the assembly can authorize any loan from this fund. (Ord. 11-02 § 4 (part), 2011.)

4.44.050 Procedure for deciding upon applications for loan guarantees.

A.    Application forms can be obtained from the finance director for loans from this fund. Completed application forms will be submitted to the assembly.

B.    The finance director shall certify in writing the following to the municipal administrator and assembly regarding any submitted application form:

1.    The funds to make the loan are available and shall be accounted for in future reports to the assembly;

2.    The remaining fund balance if the full amount of the loan is awarded; and

3.    The applicant has all necessary licenses and permits to do business with the city and borough, and the applicant is not delinquent on any of their accounts with the city and borough, including sales taxes, property taxes, hotel, motel, bed and breakfast transient room rental tax, and utility payments.

C.    The assembly shall decide whether to approve the loan, including whether to grant the full amount requested or a lesser amount, and whether to set any conditions.

D.    Any loan granted under this fund requires interest to be charged at a rate to be determined by the assembly.

E.    This is a revolving fund, with all loan repayment deposited in the fund.

(Ord. 11-02 § 4 (part), 2011.)