(A) Established. There is established in the City Treasury a special revenue fund to be known as the city’s Economic Revolving Fund for the purpose of making loans for the promotion of the city.
(Prior Code, § 2-176)
(B) Designation of surplus revenue. The Common Council hereby determines that there exists a surplus of sales tax revenues of at least $150,000 into the city’s Economic Revolving Fund.
(Prior Code, § 2-177)
(C) Use of funds. Funds used from the city’s Economic Revolving Fund shall be available for loans according to the criteria hereafter established by the Common Council by resolution for the qualification, application, payment and repayment of funds. Any repayment of loans made and any interest thereon shall be receipted into the city’s Economic Revolving Fund, and all money in the fund is hereby appropriated for the purposes of making loans as provided in this section.
(Prior Code, § 2-178)
(Ord. 717, passed 1-6-1992)