(A) The Clerk-Treasurer of the city shall create and maintain a fund for the retention of grant funds received from federal and state agencies until their disbursement according to the provisions of grant related agreements, and for the retention of grant program related income. This fund shall be entitled the Grants Holding Fund.
(B) The monies deposited in a Fund created under division (A) shall not revert to the General Fund from time to time, but rather shall be non-reverting and continue perpetually until further order of the City Council.
(C) The purpose of this Fund shall be for the undertaking of economic and community development activities consistent with the controlling grant agreement(s) where applicable, or as approved by the Board of Public Works and Safety.
(D) The Board of Public Works and Safety shall be vested with the responsibility and discretion of making expenditures from this Fund in accordance with applicable law.
(1987 Code, § 2-192) (Ord. 20, 1993, passed 7-26-1993)