Agenda Item No. 13

Introduced by the Administrative Services/Personnel and Finance Committees of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

WHEREAS, the Ingham County Economic Development Corporation (EDC) operating fund budget is experiencing a revenue shortfall in its 2000 budget since it did not receive anticipated revenue from the sale on an Industrial Revenue Bond associated with the Martin Luther Homes project as this bond has yet to be issued; and

WHEREAS, the county= s budget for economic development activities contains sufficient monies to assist the EDC in its operational efforts pending the sale of the revenue bond, at which time any monies that may be expended will be reimbursed to the county budget for economic development activities; and

WHEREAS, county funds for economic development activities have been used to offset the EDC operation in the past pending receipt of industrial revenue bond proceeds.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners hereby authorizes $3,000 to the EDC for economic development activities.

BE IT FURTHER RESOLVED, that the EDC will reimburse the county immediately upon receipt of the revenue from the sale of the above mentioned industrial revenue bond.

ADMINISTRATIVE SERVICES/PERSONNEL - Yeas: McDonald, Lynch, Pratt,

Minter, Severino Nays: None Absent: None Approved 5/16/00

FINANCE: Yeas: Bernero, Grebner, Czarnecki, McDonald, Schafer, Minter, Juall

Nays: None Absent: None Approved 5/17/00