(A) The County Auditor, in accordance with State Board of Accounts procedures and regulations, shall establish a County Revolving Loan Fund and account for the receipt and disbursement of funds for the Economic Development Program.
(B) The County Revolving Loan Fund may receive money from state or federal programs for the purpose of the Economic Development Program, or monies received through the repayment of loans made in accordance with state and federal loans and this subchapter. Any monies collected in such manner shall be received and disbursed through the County Revolving Loan Fund. The County Revolving Loan Fund may also receive and disburse monies from other sources. The County Revolving Loan Fund may consist of one or more funds for the purpose of fostering economic development.
(C) Monies shall be disbursed in accordance with all federal and state guidelines, requirements and regulations for the use of each funding source.
(D) The County Board of Commissioners is designated as the approving authority for authorized disbursements from the County Revolving Loan Fund and shall sign and submit claims to the County Auditor.
(E) The monies received by the County Council Revolving Loan Fund shall be deposited and invested in an interest bearing account. However, in the event the County Economic Development Commission and the Economic Development Program are terminated by federal or state law, or by local ordinance, the monies in the Fund or interest bearing account shall revert to a separate and distinct fund to be used for capital expenditures within the county, and to be appropriated by the County Council.
(Prior Code, § 31.068)