Laserfiche WebLink
Article 7. Development Fund <br />Sec. 2-170. Declaration of Intent. <br />The City shall maintain a Development Fund as a revolving fund which shall be used at the discretion of <br />the City Council for the benefit of all projects and programs. To the extent possible, the Fund shall be <br />maintained as an ongoing fund which shall be replenished in accordance with the terms of this Article. <br />(Ord. No. 527, 2-26-85; Code of 200 1) <br />Sec. 2-171. Purpose. <br />The Development Fund shall be used for the following purposes: <br />(1) To provide support for projects that require unexpected or interim financial assistance. <br />(2) To provide a source of funding that can be used to avoid the need for or reduce the extent of long-term <br />debt. <br />(3) To provide a single depository for any short-term debt. <br />(4) To centralize financial control of assisted projects and programs. <br />(5) To provide a depository for monies. <br />(6) To facilitate the establishment of accounts including: <br />A. Housing Account. Monies in this account shall be used to promote the City's housing goals, <br />especially the development of elderly housing. <br />B. Project Account. This account shall be a depository of all monies not placed in the housing <br />account. (Ord. No. 527, 2-26-85; Code of 2001) <br />2-23 <br />