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MUNICIPAL ORDER NO. 503
A MUNICIPAL ORDER APPROVING AN ECONOMIC DEVELOP-
MENT LOAN IN THE AMOUNT OF $1,500 TO MITCHELL BUMPUS
v WHEREAS, Mitchell Bumpus is developing a
restaurant at 105 South 5th Street, in the downtown area of
the City of Paducah; and OU,
WHEREAS, the City of Paducah has economic
development funds available for the development of projects
within the downtown area of the City of Paducah; and
WHEREAS, Growth, Inc. is the escrow agent for the
Economic Development Escrow Account held on behalf of the
City of Paducah.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor is authorized and
directed to enter into an agreement with Mitchell Bumpus to
extend an economic development loan in the amount of
$1,500.00, bearing interest at the rate of five (50) percent
per annum and payable to the City in thirty-six (36) equal
installments of Forty -Four and 96/100 ($44.96) Dollars,
beginning on the day of ,1989, for the
express purpose of developing a restaurant at 105 South 5th
Street in the City of Paducah, Kentucky.
SECTION 2. That the Mayor has the authority to
request Paducah -McCracken County Growth, Inc. to issue a
draft in the amount of $1,500.00 upon the Economic
Development Escrow Account held on behalf of the City by
Growth, Inc., payable to Mitchell Bumpus. Further, that
such draft may be made only upon a successful negotiation of
the terms and conditions of said Economic Development loan
by and between the City of Paducah and Mitchell Bumpus.
SECTION 3. This Municipal Order shall be in full
force and effect after the date of its adoption.
GERRY B. MONTGOMERY
Mayor
Adopted by the Board of Commissioners March 14, 1989
Recorded by Lenita Smith, City Clerk, March 14, 1989
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