§ 33.27 WHEN CITY MAY PROCEED; ASSESSMENT CONSTITUTES LIEN.

   (A)   After the passage of time for the action provided for in § 33.31, or after favorable final judgment in any such action, whichever comes later, the city may proceed with the improvement or part thereof stayed by the action, including notice requiring payment of special assessment or installment thereon and bonds or other method proposed to finance the improvement. The first installment may be apportioned so that other payments will coincide with payment of ad valorem taxes.

   (B)   The amount of any outstanding assessment or installments thereof on any property, and accrued interest and other charges, constitutes a lien on the property to secure payment to the bondholders or any other source of financing of the improvement. The lien takes precedence over all other liens, whether created prior to or subsequent to the publication of the ordinance, except a lien for state and county taxes, general municipal taxes and prior improvement taxes, and is not defeated or postponed by any private or judicial sale, by any mortgage or by any error or mistake in the description of the property or in the names of the owners. No error in the proceedings of the Council shall exempt any benefitted property from the lien for the improvement assessment, or from payment thereof, or from the penalties or interest thereon, as herein provided.

(KRS 91A.280) (1989 Code, § 33.17)

§ 33.28 EFFECT OF ADDITIONAL PROPERTY OR CHANGE IN FINANCING.

   The city may undertake any further proceedings to carry out the improvement or any extension or refinancing thereof, except that §§ 33.13 through 33.17 applies if additional property is included in the improvement or if change is made in the method or period of financing; but additional property may be included in the improvement with the consent of the owner thereof without compliance with other sections if it does not increase the cost apportioned to any other property or any other change may be made without the compliance if all property owners of the improvement consent.

(KRS 91A.290) (1989 Code, § 33.18)

FUNDS

§ 33.40 REVOLVING LOAN FUND.

   (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)

§ 33.41 POLICE OFFICERS’ AND FIREFIGHTERS’ PENSION FUND.

   For provisions concerning the Policemen’s and Firefighters’ Pension Fund, see §§ 35.45 through 35.56.

(1989 Code, § 33.31)

§ 33.42 ECONOMIC DEVELOPMENT LOAN FUND.

   (A)   A new fund, called the Glasgow Economic Development Loan Fund (GEDL), is hereby created by utilizing a portion of revenues from the 1.5% occupational tax in the General Fund and from principal payments and interest payments earned on projects, funded by the new Fund.

   (B)   The purpose of the GEDL Fund shall be for economic development and shall be used to assist existing and prospective businesses and industries in activities which will lead to the creation or retention of jobs.

   (C)   The proceeds from the repayment of principal and interest on the projects funded by GEDL Fund shall be deposited in this new Fund for the purpose of assisting future projects.

(1989 Code, § 33.32) (Ord. 1819, passed 5-22-1989)

§ 33.43 HOUSING REVOLVING LOAN FUND.

   (A)   A revolving loan fund, called the Glasgow Housing Revolving Loan Fund (GHLF), is hereby created to utilize the proceeds from program income earned on housing projects funded by previous state’s Community Development Block Grant Funding.

   (B)   The purpose of the Revolving Loan Fund shall be for rehabilitation of existing homes and construction of new housing to benefit low and moderate income families.

   (C)   The GHRLF shall be administered by the city’s Urban Renewal and Community Development Agency which, subject to the approval of the City Council, shall develop policies and procedures regulating the operation of the GHRLF. The policies and procedures shall address the formation and composition of a review board, eligibility and loan selection criteria, a loan selection and approval process, closing procedures, the monitoring of outstanding loans, the establishment of processing fees and development of an application form. Other concerns may be addressed as desired. No loan shall be disbursed without approval of the City Council.

   (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 the loans funded by the GHRLF shall be deposited in the Revolving Loan Fund to be used to assist future prospects.

(1989 Code, § 33.33) (Ord. 1859, passed 4-90-1990)