(A) There is hereby created the Sparta Community Development Loan Fund into which shall be paid moneys appropriate for community development as deemed necessary and available by the City Council.
(B) An appropriation shall be made annually to the Fund in the annual appropriation ordinance of the city of all moneys expected to be received during the current fiscal year of the city pursuant to the provisions herein contained.
(C) (1) It shall be the duty of the City Clerk and the City Treasurer to deposit all proceeds hereinabove set forth into the above designated Fund.
(2) Upon deposit of the moneys in the above designated Fund, the moneys shall be invested and expended only in accordance with the provision of this subchapter.
(3) The City Clerk and City Treasurer shall receive any and all repayments of funds loaned under this subchapter and shall reinvest into the Fund for future loan or grant use.
(1994 Code, § 36.27) (Ord. 423, passed 8-11-1992)