Skip to main content
Loading…
This section is included in your selections.

A loan in an amount not in excess of $1,625,000 is authorized to be made from the general fund to the business park rental fund. The loan shall bear interest from its date at the rate of 6.0 percent per annum, computed on the basis of a 360-day year of twelve 30-day months, shall mature in not more than 20 years from its date of issue and may be prepaid in whole or in part on any date. The loan, both principal and interest, shall be repaid from revenue received by the city for the rental of the property and other money of the city legally available therefor. (Ord. 1695 § 1, 1989)