3.52.030 Funding.
The good neighbors revolving loan program shall be funded through the urban development action grant fund. The finance director shall establish a special account within the urban development action grant fund for the purpose of financing loans extended under this chapter. The principal balance of loans receivable at any point in time from the special account shall not exceed three hundred thousand dollars $300,000.00). Repayments from loans shall be returned to the urban development action grant fund.
Prior to the adoption of 6255 on 08/23/2000, Section 3.52.030 read as follows.
The good neighbors revolving loan program shall be funded through the urban development action grant fund. The finance director shall establish a special account within the urban development action grant fund for the purpose of financing loans extended under this chapter. The principal balance of loans receivable at any point in time from the special account shall not exceed fifty-five thousand dollars ($55,000.00). Repayments from loans shall be returned to the urban development action grant fund. (Prior code § 1.25.020)