3.52.100 Loan provisions.
Loans may be extended by the revolving loan program committee only to applicants demonstrating an ability to repay. The committee may determine the appropriate conditions for any loan; provided, however, that:
A. Individual loan principal shall not be greater than fifty thousand dollars ($50,000.00);
B. Repayment of a loan shall not extend beyond five (5) years from the date of any contract. The committee may recommend, to the Aberdeen city council, longer loan terms based on loan amount, number of employees and location. If approved, loan terms shall not extend beyond twenty (20) years;
C. Interest rates are no less than two (2) percent per annum;
D. No more than one (1) loan shall be extended per property at any one (1) time.
Prior to the adoption of 6364 on 07/28/2004, Section 3.52.100 read as follows.
Loans may be extended by the revolving loan program committee only to applicants demonstrating an ability to repay. The committee may determine the appropriate conditions for any loan; provided, however, that:
A. Individual loan principle shall not be greater than five thousand dollars ($5,000.00);
B. Repayment of a loan shall not extend beyond three years from the date of any contract;
C. Interest rates are no less than three percent per annum;
D. No more than one loan shall be extended per property at any one time. (Prior code § 1.25.080)