Laserfiche WebLink
ORDINANCE NO. 5874 -75 <br />AN ORDINANCE APPROVING THE EXPENDITURE <br />OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS <br />TO ESTABLISH A GUARANTEED LOAN PROGRAM. <br />BE IT ORDAINED by the Common Council of the City of <br />South Bend, that: <br />SECTION I. The sum of $100,000 of the Community <br />Development Block Grant be set aside as a loan insurance fund, <br />to be put on deposit in five commercial banks, as a guarantee <br />for high risk loans to be made by the banks in accordance with <br />the attached program guidelines. <br />SECTION II. This ordinance shall be in full force <br />and effect from an- fa t-er its passage by the Common Council and <br />approval by the Mayor. <br />Passed August 11, 1975, as amended. <br />