The Common Council approves of the following actions which are necessary to move the community development programs into implementation.
(A) The Common Council authorizes the establishment of a new city fund and designates this fund as the Community Development Block Grant Fund.
(B) The Common Council authorizes an initial cash balance of $20,000 be loaned annually by the city from the General Fund to the Community Development Block Grant Fund, to enable standard federal reimbursement procedures to begin. This initial cash loan shall return to the General Fund annually.
(Ord. CO-75-17, passed 12-17-75)