HomeMy WebLinkAboutD-375 EDC Commision FeesORDINANCE NO. D-375
AN ORDINANCE ESTABLISHING THE ECONOMIC DEVELOPMENT
COMMISSION APPLICATION FEE, CREATING AN ACCOUNT FOR
THE ACCUMULATION OF FUNDS AND PROVIDING FOR
EXPENDITURES FROM THE ACCUMULATED FUND
BE IT ORDAINED BY THE COMMON COUNCIL of the City of Carmel
as follows:
1. The Economic Development Commission shall be authorized
to assess and collect an application fee from Economic Develop-
ment applicants, at the time of application, the fee in the
amount of one-fourth of one percent (1/4%) of the principal
amount of the application, not to exceed Five Thousand Dollars
($5,000) per application.
2. The application fees, as collected, shall be deposited
in an Economic Development Commission account maintained by the
Secretary-Treasurer of the Economic Development Commission, who
shall prepare an annual report to the Mayor, Clerk-Treasurer,
Council, State Board of Accounts and Economic Development Commis-
sion regarding deposits and expenditures to and from the account,
and who shall also be bonded in an amount equal to the average
annual receipts of the Economic Development Commission.
3. Expenditures from the account shall be made following
adoption of a resolution by the Economic Development Commission
authorizing payment of expenses for operation of the Commission,
economic development and promotion and such other expenses as are
authorized by.~aC~-7-12-1, ~t__~, such expenses not to
exceed $5,000'~655'Council approval. Expenditures shall be
limited to funds in the account deemed earned according to the
By-Laws of the Economic Development Commission.
4. No expenditure shall be authorized for the purpose of
employing personnel without approval of the Council and adherence
to City personnel policies.
This Ordinance is adopted~by~he Common Council
of Carmel this ~/ day of J/~ , 1983.
Attest:
Doroth~ ~. ~ancock
Clerk-Treasurer
of the City
/~residing Officer
M y~Jane A. Reiman
of the City of Carmel