City of Racine - File #: Res.15-0313

• File #: Res.15-0313
• Version: A
• Name: Semi-Annual Plan Certifications for City Revolving Loan Fund (City-RLF) and Administrative Fees
• Type: Resolution
• Status: Passed
• File created: 8/18/2015
• In control: City Attorney's Office
• On agenda: 8/18/2015
• Final action: 8/18/2015
• Title: Semi-Annual Plan Certifications for City Revolving Loan Fund (City-RLF) and Administrative Fees Resolved, that the City is approved to certify for the semi-annual reporting period ending March 31, 2015: the City-Revolving Loan Fund (City-RLF) Plan is consistent with and supportive of the area's current economic and adjustment strategy; and the City-RLF is being operated in accordance with the policies and procedures contained in the City-RLF Plan and the loan portfolio meets the standards contained therein. Further resolved, to use up to 100% of interest earned from monthly RLF loan repayments to reimburse RCEDC for actual administrative costs incurred. Fiscal Note: No impact to city budget or funds. RLF will have a reduced amount of money to re-circulate.
• Sponsors: Q.A. Shakoor II
• Related files: 15-00687

Date	Ver.	Action By	Action	Result
8/18/2015	A	Common Council	Adopted

Sponsor

Alderman Shakoor

Title

Semi-Annual Plan Certifications for City Revolving Loan Fund (City-RLF) and Administrative Fees

Resolved, that the City is approved to certify for the semi-annual reporting period ending March 31, 2015: the City-Revolving Loan Fund (City-RLF) Plan is consistent with and supportive of the area's current economic and adjustment strategy; and the City-RLF is being operated in accordance with the policies and procedures contained in the City-RLF Plan and the loan portfolio meets the standards contained therein.

Further resolved, to use up to 100% of interest earned from monthly RLF loan repayments to reimburse RCEDC for actual administrative costs incurred.

Fiscal Note: No impact to city budget or funds. RLF will have a reduced amount of money to re-circulate.