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(A) The city is eligible to participate in and has in the past participated in the Kentucky Community Development Block Grant Program (CDBG). The city is desirous of creating a revolving loan program under which guidelines for the use of the proceeds from the CDBG Program would be utilized. Therefore, there is hereby created the Revolving Loan Fund (RLF) of the city.
(B) The RLF shall be funded with the proceeds of CDBG funds repaid to the city.
(C) The RLF may make loans under the policies set forth in the Criteria for Selection, Eligible Uses, Standards and Ineligible Uses attached to Ordinance 85-3 as Exhibits A, B, C, and D and incorporated herein by reference.
(D) The Historic Heritage and Revolving Loan Fund Advisory Board shall execute all duties set forth in this section.
(1) The Board shall keep all information obtained from RLF applications confidential under penalty of immediate removal.
(2) The Board shall meet as required to timely review applications, and shall make its recommendations within 30 days of submission by the Clerk/Treasurer, unless good cause is shown for delay.
(3) The Board shall, by a majority vote, recommend acceptance or rejection of an application and shall submit its recommendation and the reasons for same in writing to the Council, which shall, by Municipal Order, approve or reject the Board's recommendation.
(E) In exceptional cases, the Board may request that limits set forth in Exhibit C (incorporated by reference in division (C) above) be varied by amendment of this section.
(F) The Board shall review loans approved to see that the loan proceeds are being used for the purposes stated, that the projects related to applications submitted and approved have commenced within 30 days of the date of the loan, and that the projects are completed within one year. The Board shall cause progress reports to be filed in the project record by the borrower, to document the date on which work began and was completed.
(G) Failure by a borrower to begin and finish work within the specified time or to file the stated reports, shall be immediately reported to Council by the Board.
(Ord. 85-3, passed 5-1-85; Am. Ord. 86-4, passed 3-26-86)