Orange County NC Website
Browse       Search
29 <br /> Loan Pool Reserve <br /> Capital Project Ordinance <br /> Project Number 61-608 <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to <br /> Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital <br /> project is hereby adopted. <br /> Section 1. The project authorized establishes a small business loan pool to encourage <br /> entrepreneurial business activity in the County. The County is committing a <br /> 30 percent loan-loss reserve to address any unpaid loans. The project will be <br /> financed by proceeds from the County's portion of the one half cent sales taxes. <br /> Section 2. The officers of the County are hereby directed to proceed with the project <br /> within budget contained herein. <br /> Section 3. The following revenue is anticipated to complete this project: <br /> Transfer from General Fund(1996-97) $50,000 <br /> Total Revenue $50,000 <br /> Section 4. The following amount is appropriated for this project: <br /> Loan Pool Reserve $50,000 <br /> Section 6. This ordinance, originally adopted June 28, 1996, shall be in effect from July 1, <br /> 1996 until June 30, 1998. <br /> Adopted this 30th day of June 1997. <br /> \\Budget\sys\BUDGET 19798\ORDS9798\COUCAP\LOAN.DOC <br />