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<br />City Council <br />Meeting Minutes <br />October 20,2009 <br />Page 7 of 15 <br /> <br />Mayor Sisk requested a Staff presentation. <br /> <br />Finance Director Watson explained the 2008 budget included a loan of $700,000 <br />from the Wastewater Utility Fund to the Golf Course Fund. This loan was made <br />via interfund transfer at thE~ end of 2008. Approvals of the 2008 budget and <br />subsequent amendments were by resolution. The Louisville Home Rule Charter <br />stipulated any loans from an enterprise fund must be approved by Ordinance and <br />the terms of the loan and the interest rate must be approved by motion. The loan <br />term is ten years with a beginning interest rate of 3.37%, which will be adjusted <br />annually. The loan is projected to be paid in full by 2024. <br /> <br />Mayor Sisk opened the public hearing and requested public comment. There <br />were not comments. The public hearing was closed. <br /> <br />MOTION: Mayor Pro Tem Marsella moved to approve Ordinance No. 1558, <br />Series 2009 on second and final reading, seconded by Councilor Muckle. <br /> <br />City Attorney Light offered a friendly amendment on the motion to include <br />approval of the $700,000 loan from the Wastewater Utility Fund to the Golf <br />Course for the fiscal year of 2008, for a sixteen year-term and an initial interest <br />rate of 3.37%. Mayor Pro Tern Marsella and Councilor Muckle accepted the <br />amendment. <br /> <br />VOTE: Roll call vote was takE~n. The motion passed by a vote of 7-0. <br /> <br />ORDINANCE No.15~i9, SERIES 2009 - AN ORDINANCE AMENDING <br />CHAPTER 5.04 OF THE LOUISVILLE MUNICIPAL CODE TO REQUIRE <br />BUSINESSES TO ANNUlALL Y PAY BUSINESS REGISTRATION FEES, AND <br />TO PROVIDE THE REVOCATION, DENIAL CANCELLATION OR <br />SUSPENSION OF BUSINESS REGISTRATIONS IN CERTAIN INSTANCES- <br />2:nd Reading - Public Hearing <br /> <br />Mayor Sisk requested a City Attorney introduction. <br /> <br />City Attorney Light read Ordinance No. 1559, Series 2009. <br /> <br />Mayor Sisk requested a Staff presentation. <br /> <br />City Manager Fleming explained Ordinance NO.1559, Series 2009 implements a <br />non-refundable business registration fee of $25.00 and requires an annual <br />renewal of business registrations. All changes are effective January 1, 2010. <br />A business registration is required for every business with a physical location in <br />the City. Since attaining home-rule status, there has been no charge for <br />businesses to register. Revenue from the $25 fee would be used to partially <br />offset the cost of maintaining the City's economic development effort. A database <br />