(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)