(a) The Newburgh Heights Community Improvement Corporation (the "CIC") shall create a line item fund for administration of the Student Loan Assistance Grant Program. The Fund shall be maintained at a level as determined, from time to time, by the CIC Board and through appropriation by Village Council of such sums, from its General Fund, as may be determined by Council, which will be earmarked for administration of the Student Loan Assistance Grant Program. Such funds shall be used exclusively for the Student Loan Assistance Grant Program created by these Guidelines.
(b) The Village will budget for and make annual deposits in the Student Loan Assistance Grant Fund in amounts equal to the CIC's grant awards, on an amortized basis.
(Ord. 2020-24. Passed 5-5-20.)