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t' <br /> 4. Loans will require a ratio of one job created for <br /> each $10.000 loaned. Borrower must document efforts <br /> (W to hire all employees from Independence or adjoining <br /> counties. <br /> 5. Acceptable collateral will be determined on a case by <br /> case basis. <br /> 6. Repayment of all or part of the loan may be waived if <br /> an excess of jobs are created. This determination <br /> shall be made by the City Council. <br /> 7. The borrower will not assign. sublet. mortgage. or <br /> otherwise convey in any shape. form. substance or <br /> manner any interest in the contract to any other <br /> person(s). firm(s). or corporation(s) without the <br /> written consent of the City of Batesville being first <br /> obtained. In the event that consent is granted. and <br /> unless expressly waived in writing. such consent <br /> shall not relieve borrower of its obligations herein. <br /> and consent to one such transfer shall not be deemed <br /> consent to any subsequent transfer or transfers. <br /> B. The construction contractor with whom the borrower <br /> shall contract shall provide 100% performance and <br /> payment bonds approved by the City. <br /> 9. Failure on the part of the borrower to comply with <br /> any or all of these requirements will be considered <br /> grounds to terminate the contract and principal and <br /> interest accrued to date shall become due and <br /> payable. <br /> III. ADMINISTRATION <br /> A. The mayor's office will be responsible for the <br /> administration of the Re-Use Plan. and the city clerk <br /> will be utilized to manage the revolving loan funds. <br /> 1. The administrative duties will consist of: <br /> re-payment monitoring. setting up accounting. <br /> supervising the bank account. disseminating <br /> information pertaining to the loan fund. advertising <br /> for and accepting loan applications. assuring loan <br /> conditions are met. preparing budgets, and submitting <br /> reports to AIDC; which are. annual audits and any <br /> such reports as AIDC shall from time to time require. <br /> Z. Loan packages will be available at the city hall and <br /> their availability will be advertised through the <br /> Chamber of Commerce, local radio stations. and the <br /> (W local newspaper. <br />