(A) A fund is hereby established to be known as the “Sidewalk Maintenance and Improvement Non-Reverting Fund”, to be maintained by the Clerk-Treasurer of the city.
(B) From and after the passage of this section, all sums paid to the city in repayment of monies loaned or advanced to property owners for the installation or improvement of sidewalks shall be paid into this Fund, the same to be maintained as a non-reverting fund solely for the purposes herein set out.
(C) To the extent of the availability of monies in this said Fund, the Board of Public Works and Safety is hereby empowered, at its discretion, from time to time, to make loans therefrom to residential property owners of the city who also live in the same residential property, upon such terms and conditions as shall be deemed appropriate by the Board of Public Works and Safety, to assist owner-occupied property owners in the maintenance or improvement of sidewalks utilized by public pedestrian traffic and abutting a city street of the city.
(D) Said Fund shall be kept separate and may be invested by the Clerk-Treasurer of the city in interest bearing accounts and all accumulations thereon shall also be deposited in this said Fund.
(Ord. 8-2017, passed 4-10-17)