(A) An account is established for the deposit of monies to operate and assist low to moderate income families participating in the owner occupied rehabilitation program for minor rehab/repair work to be done to their homes. The name of the account shall be the Housing Revolving Loan Fund. The monies for this fund may be received from any source, including donations.
(B) The Housing Revolving Loan Fund shall be used to operate and assist low to moderate income families participating in the owner occupied rehabilitation program for minor rehab/repair work to be completed on their homes.
(C) The express and written approval of the Board of Public Works and Safety of the City of Madison shall be obtained prior to the expenditure of funds from the account.
(D) In accordance with IC 36-7-9-14(a), any balance remaining in the fund, at the end of a fiscal year, shall be carried over in the fund for the following year, and shall not revert to the general fund.
(E) If the account is terminated by a subsequent ordinance enacted by the Common Council of the City of Madison, Indiana, the remaining balance of the terminated account shall revert to the general budget of the Common Council of the City of Madison, Indiana.
(Ord. 2009-5, passed 5-5-09)