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Reso 2013-137
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Reso 2013-137
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Last modified
10/25/2013 9:08:00 AM
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10/25/2013 9:08:00 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
10/21/2013
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8I Consent 2013 1021
(Reference)
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\City Clerk\City Council\Agenda Packets\2013\Packet 2013 1021
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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2013-137 <br /> RESOLUTION AUTHORIZING THE CITY MANAGER TO TRANSMIT A <br /> TRUSTEE APPLICATION TO KIVA MICROFUNDS, A CALIFORNIA NON-PROFIT <br /> PUBLIC BENEFIT CORPORATION ("KIVA"), TO IDENTIFY AND RECOMMEND SMALL <br /> BUSINESSES IN SAN LEANDRO FOR KIVA ZIP'S MICRO-LENDING PLATFORM <br /> WHEREAS, a Trustee application from the City of San Leandro to Kiva has been <br /> presented to this City Council; and <br /> WHEREAS, the City Council is familiar with the contents thereof; and <br /> WHEREAS, the City Manager has recommended approval of said application; and <br /> WHEREAS, the City of San Leandro desires to encourage and spur economic development <br /> and job creation, and support local businesses in an era of limited financial resources; and <br /> WHEREAS, at the end of 2011, Kiva launched a pilot program called Kiva Zip in the U.S. <br /> (and Kenya) to directly connect Kiva lenders to small businesses focused on economic and social <br /> need and thereby spur local economic development and job creation; and <br /> WHEREAS, Kiva Zip relies on "Trustees" to identify and recommend small businesses to <br /> the Kiva Zip website where small businesses with an economic need are eligible to raise up to <br /> $5,000 or$10,000 in crowdfunded capital with zero percent interest; and <br /> WHEREAS, such "Trustees" identify and recommend small businesses for the Kiva Zip <br /> platform, and do not finance, guaranty or have any fiduciary duty to these small businesses; and <br /> WHEREAS, "Trustees" do not have any contractual obligation with any Kiva lender or <br /> borrower; and <br /> WHEREAS, the City of San Leandro desires to become a Kiva Zip "Trustee"and facilitate <br /> the access of no-cost capital on the Kiva Zip platform for businesses in San Leandro. <br /> NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as <br /> follows: <br /> 1. That said application, substantially in the form presented, is hereby approved and <br /> transmission by the City Manager is hereby authorized; and <br /> 2. That the City Manager is authorized to transmit the Trustee application and any <br /> other documents that may be necessary to effectuate the application. <br />
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