HomeMy WebLinkAboutApproving Expenditure Community Development Block Grant Funds to Establish a Guaranteed Loan ProgramORDINANCE No. 5874 -75
Passed by the Common Council of the City of South Bend, Indiana
AUGUST 11,
Presented by me to the Mayor of the City of South Bend,
AUGUST 12
75
IRENE K. GAMMON
Clerk
UCf/C/4/ k) President of Common Council
/T.
Approved and signed by me (. _ ,/ /9%,
75
IRENE K. GAMMON
Clerk
ORDINANCE NO. 5874 -75
AN ORDINANCE APPROVING THE EXPENDITURE
OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
TO ESTABLISH A GUARANTEED LOAN PROGRAM.
BE IT ORDAINED by the Common Council of the City of
South Bend, that:
SECTION I. The sum of $100,000 of the Community
Development Block Grant be set aside as a loan insurance fund,
to be put on deposit in five commercial banks, as a guarantee
for high risk loans to be made by the banks in accordance with
the attached program guidelines.
SECTION II. This ordinance shall be in full force
and effect from an- fa t-er its passage by the Common Council and
approval by the Mayor.
Passed August 11, 1975, as amended.
Tommittrr Irpurt
'To tke Tommou (90um -tl of the Toy of 0OW4 Sena:
Your Committee of the Whole
to whom was referred
AN ORDINANCE APPROVING THE EXPENDITURE
OF COMMUNITY DEVELOPMENT BLOCK GRANT
FUNDS TO ESTABLISH A GUARANTEED LOAN
PROGRAM.
Respectfully report that they have examined the matter and that in their opinion the ordinance should be
recommended favorably to the Common Council.
Note: In the Council portion of the meeting, the ordinance
was amended as follows:
The first paragraph after the "Be It Ordained" clause
should be preceded with "Section I ".
The wording "submitted for consideration this 23rd day
of July, 1975" should be deleted and, in its place, the
following should be substituted:
Section II. This ordinance shall be in full force
and effect from and after its passage by the Common
Council and approval by the Mayor.
Odell Newburn
Chairman
FREE FRE.$ FU.LIf NING CO.