A.    An economic development program nonreverting fund is established to accept all grants from the state of Indiana or other agencies, moneys from any and all other sources directed to this fund, appropriations or proceeds from appropriations by any government body, fees, donations, gifts, settlements and awards, refunds, service agreements, proceeds from the sale of property, interest on investments from money originating or deposited in this fund, program or project income, recaptured funds, and from all other miscellaneous sources which might be either directly or indirectly related to the purpose of this fund.

    B.    The economic development nonreverting fund shall be used to make loans and grants to enhance the expansion of job opportunities for the residents of the city pursuant to the regulations and plans developed for the initial and continuing use of said funds as approved by the Indiana Department of Commerce.

    C.    All fiscal records shall be maintained by the clerk-treasurer pursuant to all applicable state and federal laws. All loan and grant activities shall be maintained as separate accounts under the umbrella of the economic development nonreverting fund.

    D.    The funds shall be administered by the board of works and public safety of the city and that all applications for expenditures from the economic development nonreverting fund shall be approved by said board.

    E.    An economic development program advisory committee is established to review each loan and grant application and provide an assessment of said application to the board of public works and safety. The advisory committee shall be constituted as follows:

    1.    The mayor of the city or designated representative;

    2.    A representative of the common council selected by the mayor;

    3.    A member of the board of directors of the Columbus Enterprise Development Center, Inc., or designated representative;

    4.    A local banker of financial analyst appointed by the mayor;

    5.    The director of the Columbus department of community development or designated representative;

    6.    The director of Columbus economic development board;

    7.    Other members may be added to this advisory board by the mayor as need arises.

    F.    Money deposited in this fund, earned as interest or program income, recaptured through grant or program activity or otherwise accumulated in this fund shall not revert to the general fund and shall not be subject to annual appropriation by the city.

    G.    Only moneys earned as interest may be used to defray the cost of administrative services rendered in support of this program. The department of community development shall approve all requests for expenditure or reimbursement allocated from this fund for administrative support services. (Prior code § 7-67)