Ordinance No. 5,308890727 -1
ORDINABCE NO. 5308
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR TO
EXECUTE AND THE CITY CLERK TO ATTEST TO AN AMENDMENT TO
THE AGREEMENT FOR ADMINISTRATION OF SMALL BUSINESS
REVOLVING LOAN PROGRAM WITH THE BAYTOWN AREA /WEST
CHAMBERS COUNTY ECONOMIC DEVELOPMENT FOUNDATION; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section l: That the City Council of the City of Baytown,
Texas, hereby authorizes and directs the Mayor and City Clerk of
the City of Baytown to execute and attest to an amendment to the
Agreement for Administration of Small Business Revolving Loan
Program with the Baytown Area /West Chambers County Economic
Development Foundation. A copy of said amendment is attached
hereto, marked Exhibit "A," and made a part hereof for all
intents and purposes.
Section 2: This ordinance shall take effect immediately
from and after its passage by the City Council of the City of
Baytown.
INTRODUCED, READ and PASSED by the affirmative vote of the
City Council of the City of Baytown, this the 27th day of July,
1989.
�_ ETT 0. HUTTO, Mayor
ATTEST:
EILEEN P. HALL, City Clerk
4ANDALL B. STRONG, Ci Attorney
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FIRST AMENDMENT TO AGREEMENT FOR ADMINISTRATION
OF SMALL BUSINESS REVOLVING LOAN PROGRAM BETWEEN
CITY OF BAYTOWN, TEXAS, AND THE BAYTOWN AREA /WEST
CHAMBERS COUNTY ECONOMIC DEVELOPMENT FOUNDATION
THE STATE OF TEXAS §
COUNTY OF HARRIS §
This First Amendment ( "Amendment ") to that certain Agreement
for Administration of Small Business Revolving Loan Program
between the City of Baytown, Texas, and the Baytown Area /West
Chambers County Economic Development Foundation dated February
17, 1989, is made by and between the same parties on the date
hereinafter last specified.
W I T N E S S E T H:
WHEREAS, the City of Baytown ( "City ") and the Baytown
Area /West Chambers County Economic Development Foundation
( "Foundation ") did enter into an agreement for Administration of
the Small Business Revolving Program on February 17, 1989; and
WHEREAS, City and Foundation now desire to amend and modify
Exhibit "A" to said Agreement which sets forth the requirements
and procedures of the Small Business Revolving Loan Program; and
WHEREAS, City and Foundation desire to expand the
eligibility criteria for the program in order to make it
available to more Baytown businesses;
NOW THEREFORE, for and in consideration of the premises and
the mutual covenants and agreements herein contained the parties
hereto do mutually hereby agree as follows:
1. Unless a different meaning clearly appears from the
context, words and phrases as used in this Amendment shall have
the same meanings as in the contract.
EX
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2. Section IV of Exhibit "A" is modified and amended to
read in its entirety as follows:
(A) Eligibility Criteria:
(a) The borrower warrants that the loan funds are
essential for the preservation or creation of jobs
through a duly licensed business enterprise
located within the corporate limits of the City of
Baytown.
(B) There shall be no minimum time period for having
been in business. However, the borrower must be
able to meet surety and collateral requirements of
conventional lending institutions. Additionally,
the borrower must provide evidence that sufficient
cash flow exists to meet operating capital and
debt service requirements.
3. The provisions of this Amendment, and the provisions of
the contract shall be read together and construed as
one agreement provided that in the event of any
conflict or any inconsistency between the provisions of
this amendment and the provisions of the contract, the
provisions of this Amendment shall control.
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment in multiple copies each of which shall be deemed to be
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an original, but all of which shall constitute but one and the
same Amendment this day of
ATTEST:
EILEEN P. HALL, City Clerk
ATTEST:
ATTEST:
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CITY OF BAYTOWN, TEXAS
METT 0. HUTTO, Mayor
BAYTOWN AREA/WEST CHAMBERS COUNTY
ECONOMIC DEVELOPMENT FOUNDATION
MARK TILLER, Chairman
By
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