[CC 1999 §10-1; Ord. No. 80-41, 12-29-1980]
A. 
There shall be organized the Industrial Development Authority of the City of Chillicothe, Missouri, in the manner prescribed by the Industrial Development Authority Act.
B. 
The articles of incorporation proposed to be used in organizing the Industrial Development Authority of the City of Chillicothe, Missouri, as a corporation are hereby approved as to form, said articles of incorporation being on file in the City offices and incorporated herein by reference. Nothing herein contained or contained in said articles of incorporation shall impair or affect the power or jurisdiction of the City of Chillicothe, Missouri, or its City Council and the Industrial Development Authority of the City of Chillicothe shall conform to applicable regulations, now or hereafter in effect, as promulgated by the City Council of the City of Chillicothe, Missouri, or any other governmental authority having jurisdiction therein.
[Ord. No. 2002-145 §§1 — 3, 10-14-2002]
A. 
A City Economic Development Loan Committee is hereby established and shall consist of the Mayor, City Clerk, City Auditor, City Administrator and City Attorney. The Mayor shall preside at all meetings of the Committee. The Mayor shall have a vote upon matters coming before the Committee only in the event a tie vote occurs among the Committee members.
B. 
The City Economic Development Loan Committee, upon proper application by a qualified borrower, is authorized to approve by majority vote low interest loans from and to the extent of money appropriated for or under the control of the City for economic development.
C. 
On file in the City offices and incorporated herein by reference are the qualifications and application guidelines for low interest loans for money appropriated for or under the control of the City for economic development and the same are hereby approved and adopted as guidelines as set forth in the City of Chillicothe, Missouri, Low Interest (LIL) (October 14, 2002).