(A) There is hereby established an EC/Gary/Hammond Revolving Loan Consortium Fund 0757 for the purpose of accounting for receipts and disbursements of the EC/Gary/Hammond RAL Consortium activities.
(B) Monies deposited in said Fund shall be used in accordance with the EC/Gary/Hammond R.F. Consortium grant agreement.
(C) Monies from said Fund may be disbursed only on approved claims allowed by the Common Council.
(D) Said fund shall be perpetual in nature; however, should the Fund terminate for any lawful reason, any balance of said Fund shall be disbursed in accordance with the grant agreement.
(Ord. 11-0037, passed 12-26-2011)