(A) A revolving loan fund, called the Glasgow Revolving Loan Fund (GRLF), is created utilizing the proceeds from principal and interest repayments earned on projects funded by the state’s Community Development Block Grant program.
(B) The purpose of the Revolving Loan Fund shall be for economic development and shall be used to assist existing and prospective business and industries in activities which will lead to the creation or retention of jobs.
(C) Policies and procedures are developed regulating the operation of the GRLF. The policies and procedures shall address the formation and composition of a review board, eligibility and loan selection criteria, loan selection and approval process, closing process, the monitoring of outstanding loans, the establishment of processing fees, and development of an application form. Other concerns may be addressed as desired.
(D) All monies earned shall be accounted for in a separate fund and used for the purposes as set forth in the policies and procedures.
(E) Proceeds from the repayment of principal and interest on such projects funded by the GRLF, shall be deposited in the Revolving Loan Fund to be used to assist future prospects.
(1989 Code, § 33.30) (Ord. 1639, passed - -1985; Am. Ord. 1643, passed - -1985; Am. Ord. 1653, passed - -1986; Am. Res. 2126, passed 11-8-2010)