§ 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)

§ 33.44 CITY BUILDING FUND.

   (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)

§ 33.45 DEBT SERVICE FUND.

   A new fund, called the Debt Service Fund, is created to account for transfers of monies made from the Sanitation-Landfill Fund to account for the repayment of principal and interest from a loan made by the Kentucky League of Cities: 1989 Pooled Financing Program to the city, for the purpose of opening the new sanitary landfill.

(1989 Code, § 33.35) (Ord. 2014, passed 6-28-1993)

§ 33.46 DEPRECIATION FUND.

   A new fund, called the Depreciation Fund, is created to account for transfers of monies made from the Sanitation-Landfill Fund to account for monies to be used to purchase new equipment or replace worn out equipment.

(1989 Code, § 33.36) (Ord. 2015, passed 6-28-1993)

§ 33.47 SURPLUS FUND.

   A new fund, called the Surplus Fund, is created to account for transfers of monies made from the Sanitation-Landfill Fund to account for monies to be used in accordance with the agreement between the Kentucky League of Cities 1989 Pooled Financing Program and the city.

(1989 Code, § 33.37) (Ord. 2016, passed 6-28-1993)

§ 33.48 LANDFILL FUND.

   A new fund, called the Capitol Projects: Landfill Fund, is created by utilizing a state regulated contained landfill that will be sufficient to take care of present and future refuse disposal for the citizens of the city, county and adjoining counties that have contracts with the city.

(1989 Code, § 33.38) (Ord. 2044, passed 1-24-1994)

§ 33.49 RENAISSANCE REVOLVING LOAN FUND.

   (A)   A new fund, called the Glasgow Renaissance Revolving Loan Fund (GRRLF), is created to receive funds from grant applications arising from the Renaissance Project of the city as well as other funds to be transferred to it upon direction of the City Council.

   (B)   The purpose of the GRRLF shall be to extend loans for the renovation and/or preservation of the exterior facade of commercial buildings in the Renaissance Area of the city.

   (C)   The terms and conditions of loans extended by the GRRLF shall be established from time to time by the Board of Directors of the fund and submitted for general approval to the City Council.

   (D)   All funds shall be maintained by the city in a segregated account for the funds.

   (E)   No loans or other disbursements shall be made from funds dedicated to the GRRLF without the specific approval of the City Council, which approval shall include the designation of the recipient thereof and other terms and conditions relating to the disbursement or loan.

(1989 Code, § 33.39) (Ord. 2369, passed 3-26-2001)

§ 33.50 HOUSING REVOLVING FUND.

   There shall be immediately established by the Glasgow Urban Renewal and Community Development Agency a Housing Revolving Fund for the city community, which shall be managed by the Glasgow Urban Renewal and Community Development Agency for the appropriate disbursement of funds generated by the Myrtle Street Housing Revitalization Project.

(Res. 2069, passed 6-9-2008)

INVESTMENT POLICY