(A) The Clerk-Treasurer shall create and maintain a separate fund for the administration of the housing rehabilitation revolving loan fund and payments therefrom. A separate bank account will also be established in accordance with Indiana Housing Finance Authority requirements for approved CDBG Program Income revolving loan funds. The fund shall be entitled the “City of Bedford Housing Rehab RLF.”
(B) The monies deposited in the fund created under this section shall not revert to the general fund from time to time, but rather shall be non-reverting and continue perpetually until further declared by the Common Council of the city.
(C) The purpose of this fund shall be for the undertaking of a housing related revolving loan program to benefit low to moderate income residents of the city or for other housing related purposes which meet the national objective requirements of the federal Housing and Community Development Act of 1974, as amended, and applicable federal regulations promulgated from time to time by the U.S. Department of Housing and Urban Development (HUD), the Indiana Department of Commerce and the Indiana Housing Finance Authority.
(D) The Board of Public Works and Safety of the city shall be vested with the responsibility and discretion for making expenditures from this fund for loans and/or for associated administrative costs by simple majority vote of the Board.
(Ord. 5-2003, passed 5-13-03)