Subject: 9707/World Trade Appropriation
Date: Wed, 26 Jun 1991 10:17:00 -0500


                                ORDINANCE NO. 9707
                  
                  
                   AN ORDINANCE AUTHORIZING THE APPROPRIATION
                   OF FIFTEEN THOUSAND AND NO/100 ($15,000.00)
                   DOLLARS TO WORLD TRADE CENTER CHATTANOOGA,
                   INC., A 501(C)(6) CHARITABLE ORGANIZATION
                   FOR FUNDING OF NON-PROFIT ACTIVITIES WHICH
                   HAVE BEEN CONDUCTED TO PROMOTE THE CITY OF
                   CHATTANOOGA AS A POTENTIAL SITE TO LOCATE
                   BUSINESSES AND PROMOTE WORLD-WIDE TRADE OF
                   PRODUCTS MANUFACTURED IN THE CITY OF
                   CHATTANOOGA.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, World Trade Center Chattanooga, Inc. is
       chartered by the State of Tennessee as a non-profit public 
benefit
       corporation organized for the purpose of facilitating
       international trade activity, including offering support services 

       such as electronic data base listing of goods and services
       available world-wide, translation services, meeting and 
conference
       space, providing exhibit space and research services; and to 
serve
       as a catalyst for growth by promoting international trade and
       developing the potential for growth in the Chattanooga trade
       area; and
       	    	 WHEREAS, World Trade Center Chattanooga, Inc. is a
       non-profit charitable organization qualified under Section
       501(C)(6) of the Internal Revenue Code of 1954, as amended; and
       	    	 WHEREAS, it is in the interest of the common good and
       general welfare of the citizens of the City of Chattanooga that
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       funds be provided for said non-profit charitable organization in
       order to promote local industry, trade and commerce within the
       Chattanooga area.
       	    	 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That:
       	    	 SECTION 1.  The sum of Fifteen Thousand and No/100
       ($15,000.00) Dollars be appropriated to World Trade Center
       Chattanooga, Inc. for partial funding of the activities of that
       non-profit public benefit corporation during fiscal year 1992 in
       order to promote local industry, trade and commerce within the
       Chattanooga area.  Such funds shall be payable from the
       contingency fund of the City of Chattanooga.
       	    	 SECTION 2.  BE IT FURTHER ORDAINED, that the Budget
       Ordinance of the City of Chattanooga for the fiscal year
       1991-1992, Ordinance No. 9585, as amended, shall be amended to
       include the sum of $15,000.00 which shall be payable from the
       contingency fund as an expenditure to World Trade Center
       Chattanooga, Inc., for the deficit on its 1991-1992 budget which
       has resulted from activities of said non-profit organization 
which
       have promoted local industry, trade and commerce within the
       Chattanooga area.
       	    	 SECTION 3.  BE IT FURTHER ORDAINED, that this Ordinance
       shall restrict any appropriation of funds to be used for the
       purposes of maintaining and increasing employment opportunities 
in
       the City of Chattanooga by promoting industry, trade, commerce,
       tourism and recreation and by inducing manufacturing, industrial, 

       governmental, educational, financial, service, commercial,
       recreational and agricultural enterprises to locate in or remain
       in the City of Chattanooga or to locate nearby in order to 
provide
       jobs for residence for the City of Chattanooga in accordance with 

       the guidelines set forth within Chattanooga City Code, Section
       2-326.
       	    	 SECTION 4.  BE IT FURTHER ORDAINED, that as a
       prerequisite of obtaining any funds from the City of Chattanooga, 

       World Trade Center Chattanooga, Inc. shall file with the Mayor 
and
       City Clerk a copy of its annual report of business affairs and
       transactions including its annual audit, its program of benefit 
to
       the residents of the City of Chattanooga, its proposed usage of
       municipal assistance, and all other information required by
       Chattanooga City Code A72-326(e) as amended, which can be 
reviewed
       by the public prior to the expenditure of any funds.
       	    	 SECTION 5.  BE IT FURTHER ORDAINED, that this ordinance
       shall take effect two (2) weeks from and after its passage as
       required by law.
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       PASSED on Third and Final
       Reading May 5, 1992 	     _/s/________________________________
       	    	      	   	     	         CHAIRPERSON
      
       	    	      	   	     APPROVED:_______ DISAPPROVED:_______
      
       	    	      	   	     DATE:_________________ ______, 1992
      
      
       	    	      	   	     _/s/________________________________
       	    	      	   	     	             MAYOR
       PAN:jrm