Subject: 21469/PICLoan/535ChestnutStrOfficeSpace
Date: Mon, 7 Jul 1997 16:00:38 -0500


                              RESOLUTION NO. 21469
                 
                 
                 A RESOLUTION AUTHORIZING THE CITY FINANCE 
                 OFFICER TO LOAN TO THE SOUTHEAST TENNESSEE 
                 PRIVATE INDUSTRY COUNCIL AN AMOUNT NOT TO 
                 EXCEED SEVENTY FIVE THOUSAND AND NO/100 DOLLARS 
                 ($75,000.00) FROM THE GENERAL FUND, FOR THE 
                 PURPOSE OF RENOVATING OFFICE SPACE AT 535 
                 CHESTNUT STREET. 
                 
                 
                                                     
                 
                 
       	    	 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF 
       CHATTANOOGA, TENNESSEE, That the City Finance Officer be and is 
       hereby authorized to loan an amount not to exceed $75,000.00 to 
       the Southeast Tennessee Private Industry Council (PIC) from the 
       General Fund, for the purpose of renovating office space at 535 
       Chestnut Street; and
       	    	 BE IT FURTHER RESOLVED, That the Mayor and City Finance 
       Officer be and are hereby authorized to execute a loan agreement 
       with the Southeast Tennessee Private Industry Council for the 
       repayment of said loan at an annual rate of four and one half 
       (4.5) percent over a period of three (3) years.
       
       ADOPTED:	 July 15, 1997
       
       DM:cjc