HomeMy WebLinkAboutOrd 3218 06/15/1982 RDINANCE NO. 3218
AN ORDINANCE TO AMEND AN ORDINANCE ESTABLISHING
A BUSINESS REF2%BILITATION LOAN FUND AND STANDARDS
AND PROCEDURES IN CONNECTION THEREWITH
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 15th DAY OF June , 1982.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
16th day of June , 1982.
RDINANCE NO. 3218
AN ORDINANCE TO AMEND AN ORDINANCE ESTABLISHING
A BUSINESS REHABILITATION LOAN FUND AND STANDARDS
AND PROCEDURES IN CONNECTION THEREWITH
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION ONE: Village Ordinance No. 3060 entitled "An Ordinance
Establishing A Business Rehabilitation Loan Fund and Standards and
Procedures in Connection Therewith" as amended, is hereby further
amended as follows:
A. By amending paragraph B of SECTION SEVEN entitled
"Administration of Business Rehabilitation Loans and Business
Rehabilitation Loan Subsidy Fund" to change subparagraphs 1 and
2 thereof to read as follows:
"1.
That such Business Rehabilitation Loans shall be
payable over a period not to exceed ten (10) years,
shall not exceed the principal amount of $25,000 and
shall bear interest at the existing commercial
mortgage rate in effect at the time a Business ·
Rehabilitation Loan is approved by the Lending
Institution. No loan origination fee will be charged
by the Lending Institution, but the applicant shall be
responsible for payment of all loan administration
fees including therein the costs of obtaining the
necessary title commitment reports and credit reports.
That the Village shall pay one-half the interest cost
of Business Rehabilitation Loans, provided that the
Village has sufficient funds in the Business
Rehabilitation Loan Subsidy Fund and further provided
that the Plan Commission approves the Buslness
Rehabilitation Project and the Lending Institution
approves the Business Rehabilitation Loan."
SECTION TWO: This Ordinance shall be in full force and effect
upon its passage, approval and publication in pamphlet form in
accordance with law.
PASSED AND APPROVED this
AYES: Arthur Farley Floros
NAYS: None
ABSENT: None
15th day of June
Miller Murauskis Wattenberg
ATTEST:
VILLAGE CLERK
, 1982.
VILLAGE PRESIDENT