RESOLUTION NO. RS2003-1345

WHEREAS, Nashville Minority Business Development Loan Fund, Inc. provides program services that are intended to provide development loans to certain minority businesses within the area of Metropolitan Government; and

WHEREAS, T.C.A. § 7-3-314 enables the Metropolitan Government to appropriate funds for the financial aid of a nonprofit organization which is exempt from taxation pursuant to § 501(c)(3) of the Internal Revenue Code of 1954, as amended (sic), provided that such funds appropriated shall be used to promote the general welfare of the residents of Metropolitan Government; and

WHEREAS, the Nashville Minority Business Development Loan Fund, Inc. is a tax exempt organization under the provisions of § 501(c)(3) of the Internal Revenue Code of 1986, as amended; and

WHEREAS, the funds appropriated herein shall be used to promote the general welfare of the residents of Metropolitan Government; and

WHEREAS, the Nashville Minority Business Development Loan Fund, Inc. has filed with the Metropolitan Clerk (1) evidence of its tax exempt status under the Internal Revenue Code of 1986, as amended, (2) a statement of the proposed use of the funds and the program that serves the residents of Metropolitan Government, and (3) a copy of annual audit of its last fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

SECTION 1. There is hereby appropriated Three Hundred Fifty Thousand Dollars ($350,000) from the Reserve for Minority Development Loan Fund Account of the General Fund of the General Services District to fund a grant to Nashville Minority Business Development Loan Fund, Inc. for the purpose of providing a portion of the funding for its program services.

SECTION 2. The Metropolitan Government is hereby authorized to enter into a grant agreement with the Nashville Minority Business Development Loan Fund, Inc. for the amount provided herein for the purposes stated, and the Metropolitan Mayor is hereby authorized to execute said grant agreement. Such grant agreement shall be in such form as required by the Director of Law and of the Director of Finance and shall specify the terms and conditions under which the grant funds may be expended and shall contain a requirement that the grantee shall file with the Director of Finance and with the Metropolitan Clerk a copy of an annual report of its business affairs and transactions and documents relating to the actual expenditures of the funds provided herein. In addition to the funds appropriated herein, the sum of Fifty Thousand Dollars ($50,000) appropriated in the current year’s operating budget for such programming shall be included in the grant agreement. In no event may any funds of the Metropolitan Government appropriated herein and subject to the grant agreement be used for making of loans to any person, firm, or other entity, the use of such funds being limited to normal operating and management expenses of the program.

SECTION 3. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Ludye Wallace, David Briley, Jim Shulman, Brenda Gilmore, Phil Ponder, Lynn Williams