[HISTORY: Adopted by the Mayor and Council of the City of
Seat Pleasant 4-9-2018 by Ord.
No. O-18-10; amended in its entirety 8-6-2018 by Ord. No. O-19-01.
Subsequent amendments noted where applicable.]
As used in this chapter, the following terms have the meanings
stated:
Refers to the purchase of goods, services, assets, debt,
securities or equity that is not consumed today but is used in the
future to create wealth; in other words, an asset purchased with the
idea that the asset will provide income in the future or will later
be sold at a higher price for a profit.
A.
The Seat Pleasant Investment Corporate Enterprise (SPICE) shall be created by the Mayor and City Council through the activities of the Department of Economic Development as a separate entity from the City of Seat Pleasant, in the name of "the Seat Pleasant Investment Corporate Enterprise." SPICE shall be an entity owned by the City of Seat Pleasant, a Maryland municipal corporation, operated as an independent commercial enterprise consistent with private-sector, nongovernment industry norms and into which shall be deposited investment-related funds from the City and/or interested outside investors and customers, collected pursuant to § 15-3A of this chapter.
B.
SPICE shall be administered by the Economic Development Department
and managed by financial or business executives ("management"), and
a Board of Directors, each appointed by the initial comprised board,
which included the Mayor, the City Administrator and the Director
of Economic Development. The current Board of Directors for SPICE
shall appoint each Board member in the future. The Board of Directors
for SPICE shall initially be comprised of the Mayor, the City Administrator,
and the Director of Economic Development and shall have oversight
and final authority over all matters relating to the SPICE, including
approval of all decisions regarding the SPICE monies, subject to consideration
of the management recommendations and except as otherwise stated in
this chapter. The SPICE investment projects shall be recommended by
the management and decided by the Board of Directors.
C.
The SPICE may create and utilize separate, independent entities:
D.
In addition to the other duties specified herein, management shall:
(1)
Develop an annual report regarding the activities of the SPICE in
furtherance of the purposes of this chapter, which shall be approved
by the Board of Directors;
(2)
Manage and invest funds from the SPICE in accordance with the intentions
of this chapter;
(3)
Recommend to the Board of Directors qualified, independent investments
to assist with the administration and management of the SPICE; and
(4)
Perform such other duties as the Board of Directors may request during
its quarterly meeting.
E.
It is the intention of the City Council that the SPICE be a dedicated
funding source used for this chapter and in accordance with all applicable
federal, state, and local laws and regulations. SPICE shall manage
its own budget and investments under the direct supervision of management
with the oversight of the Board of Directors. The fiscal year for
the SPICE will be from January 1 through December 31 of each year.
Accordingly, any assets remaining in the SPICE at the end of any fiscal
year shall be carried into the next fiscal year, including all interest
and income earned, as well as any repayments or forfeitures of loans
and/or grants.
A.
The SPICE, its Subsidiaries and their affiliated businesses will
be funded through the following sources:
C.
Costs and expenses of the SPICE, its subsidiaries and their affiliated
businesses associated with operating its businesses and funding and
administering investments may be paid from the SPICE's assets
or from other revenue sources as designated by the Board of Directors
in the SPICE's annual budget processes.
