(A) There is hereby established a Revolving Loan Fund. The Revolving Loan Fund shall be based upon and shall comply with the Revolving Loan Fund Plan, as approved on April 4, 1984 by the United States Department of Commerce, Economic Development Administration. The Revolving Loan Fund Plan is hereby adopted by reference and made part of this section the same as if set forth in full herein. Two copies of the Revolving Loan Fund Plan are on file in the Office of the City Clerk-Treasurer for public inspection during the regular business hours of the Clerk-Treasurer.
(B) From and after the effective date hereof, and thereafter as amended, there is hereby established a Revolving Loan Fund Account, which shall be assigned account number 380 by the Clerk-Treasurer. All money received by the city pertaining to the business of operating and managing the Revolving Loan Fund shall be segregated from the other money received by the city not pertaining to the business of operating and managing the Revolving Loan Fund, and shall be deposited, invested and reinvested, as required from time to time, in the name of the Revolving Loan Fund, bearing account number 380. Any money deposited, invested and reinvested, shall be accomplished at all times in observance of the terms and conditions of the Revolving Loan Fund Plan.
(Ord. 588, passed 6-4-1984)