87-3924 Adopt Economic Development Revolving Loan Fund Plan1
1
RESOLUTION NUMBER 87-3924
A RESOLUTION ADOPTING THE CITY OF SALINA ECONOMIC
DEVELOPMENT REVOLVING LOAN FUND PLAN AS THE CITY'S OFFICIAL PLAN
FOR LOCAL REUSE OF COMMUNITY DEVELOPMENT BLOCK GRANT LOAN
REPAYMENTS.
I Kansas:
BE IT RESOLVED by the Governing Body of the City of Salina,
Section 1. That due to the need to maintain and create jobs and to
expand the community's economic base, there is hereby adopted an Economic
Development Revolving Loan Fund Plan. Said plan is adopted for the purpose of
making low interest loans to expanding local businesses from a fund created by
Community Development Block Grant loan repayments and other proceeds.
Section 2. That the City Manager is hereby authorized to submit the
City of Salina Economic Development Revolving Loan Fund Plan to the Kansas
Department of Commerce for approval.
Section 3. That the Governing Body may, from time to time, formally
amend the Plan or portions of the Plan if it is determined that the Plan is not
adequately meeting the economic development needs of the community.
Section 4. That this Resolution shall be in full force and effect from
and after its adoption.
'Adopted by the Board of Commissioners and signed by the Mayor this
26th day of October, 1987.
[SEAL.1
ATTEST:
Ebert K. Bil s; Cr y erk
AALA) -
Stephen C. Ryan, Mayor