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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
(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)
(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)
(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)
(A) (1) A new fund, called the Capital Projects: City Building Fund, is created by utilizing a loan from the Kentucky Municipal Finance Corporation “Key Lock” Revenue Lease Program, payment from the Glasgow Water Company and any additional overrun monies that directly affect the Glasgow Water Company.
(2) The remainder of the monies to complete this project, shall come from the city’s General Fund Surplus.
(B) The city’s Building Fund is to erect a new city hall that will be sufficient to take care of present and future growth needs and services for the citizens of the city.
(C) The city’s Building Fund is created to account for transfers made from the General Fund to account for partial funding of the project and to account for repayment of principal and interest from loan made to complete this project through this new Fund.
(1989 Code, § 33.34) (Ord. 2013, passed 6-28-1993)
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