(A) Every six months the RLF Manager will monitor the projects in the RLF portfolio, evaluate the loans made, and determine progress made in obtaining goals and objectives cited in the RLF administration plan. Factors such as jobs created, jobs retained, potential for future job creation, tax revenues created, types of jobs created, minority and/or women's business assisted, and the ratio of RLF dollars to jobs retained/created will be considered in this evaluation process. Results of all project evaluations will be presented to the RLF Board and the city in an annual report of RLF activity.
(B) All assurances as specified in Community Development Block Grant regulations shall be agreed to by the borrower in order to receive funds. No application shall be approved unless the statement of assurances is properly signed. The Loan Manager will submit request for use forms to the Department of Local Government prior to release of funds. This notification process shall be to ensure conformance with CDBG regulations.
(C) Investments of idle funds shall be in conformance with Kentucky Revised Statutes as they relate to investment practices of local governments.
(Ord. 87-27, passed 6-29-87; Am. Ord. 07-10, passed 11-19-07; Am. Ord. 08-07, passed 5-29-08)