CAMARILLO : Bond Program for Companies Weighed
In a bid to stimulate economic development in the city, the Camarillo City Council will consider Wednesday adopting a program that would help Camarillo-based companies finance expansion and create more jobs.
Under the proposed Industrial Development Bond program, the city could provide as much as $10 million to light-manufacturing companies--such as software firms or high-tech industries--based in the city.
The bonds would be secured by letters of credit issued by the bank the company chooses to do business with, city Finance Director Anita Bingham wrote in a memo to the council.
The life of the bonds would span 10 to 15 years and would be guaranteed by the company and the bank that issues the letter of credit.
Bingham said the qualifying company must be an existing Camarillo-based firm or an enterprise wishing to relocate or establish itself in the city.
The item will be considered during the council’s 5 p.m. session at City Hall, 601 Carmen Drive.
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