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RESOLUTION AUTHORIZING THE CITY OF DECATUR'S <br /> PARTICIPATION IN THE REVOLVING LOAN FUND <br /> DEFEDERALIZATION OF THE R.L.F. ACT <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: <br /> WHEREAS, the City of Decatur is an Illinois Municipal Corporation and a governmental <br /> public entity in the State of Illinois authorized to provide a broad range of municipal and <br /> community services; and <br /> WHEREAS, the City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur)has administered a revolving loan fund since 1984 in accordance with the <br /> economic development purposes of the Public Works and Economic Development Act of 1965 <br /> (PWEDA); and <br /> WHEREAS, more than seven years have passed since the final disbursement of RLF <br /> monies by the Economic Development Administration to the Decatur RLF; <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> DECATUR, ILLINOIS AS FOLLOWS: <br /> Section 1: The City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur) agrees to use all remaining RLF monies for one or more activities that <br /> continue to carry out the economic development purposes of the PWEDA and as further set forth <br /> herein. <br /> Section 2: The City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur) will contract with and continue to make loans to for-profit entities and <br /> organizations in a manner that carries out the economic development purposes of the PWEDA. <br /> Section 3: The City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur) will not use RLF monies to pay general costs of the local government. <br /> Section 4: The City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur) will use RLF monies in accordance with EDA's non-relocations policy <br /> and Section 602 of the PWEDA with regard to Davis-Bacon prevailing wage requirements. <br /> Section 5: The City of Decatur, through its subgrantee (the Community Investment <br /> Corporation of Decatur) will provide timely, accurate and complete responses to EDA inquiries <br /> regarding the future use of RLF award monies. <br />