(A) The Revolving Loan Fund Board is hereby created as a department of the city under the authority of state law.
(B) The balance of the Economic Development Fund, the Paving Materials Economic Development Fund, the Joyce Elaine Garments CDAP Fund and the Pittsfield Machine Tool and Welding CDAP Fund now on deposit or hereafter deposited in those funds shall be transferred to an account entitled the Revolving Loan Fund (or “RLF”). Any money deposited in accounts hereafter established, the sources of which are repayment of Community Development Assistance Program (CDAP) loans or repayment of funds made from the RLF shall be transferred to the RLF.
(Ord. 1095, passed 4-16-91)