The City Council is authorized and empowered, annually, in its discretion, to set apart and appropriate from funds of the City not raised by taxation, an amount determined by the Council for the purpose of aiding and encouraging the location of manufacturing, industrial and commercial development, for advertising the advantages and resources of the City, and for such other purposes as will in the opinion of the Council, increase the taxable wealth within the City and promote the general welfare of the City and its people.
(Session Laws of 1979, Chapter 259 § 6.2)