(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)