Part 40

ECONOMIC DEVELOPMENT ADMINISTRATION LOAN FUND

Sections:

• 4.80.2410 Deposit of monies.

• 4.80.2420 Expenditures of monies.

• 4.80.2430 Transfers of monies repaid to fund.

There is hereby created and established a separate fund entitled the "economic development administration loan fund." (Ord. 22140.)

There shall be deposited into the economic development administration loan fund certain monies received from the United States Department of Commerce, Economic Development Administration, for the City of San José's economic development administration program.

There shall also be deposited into such fund, subject to the provisions of Section 4.80.2430, any

monies which constitute repayments of loans and/or the interest accruing thereon, made under the provisions of Section 4.80.2420. (Ord. 22140.)

Subject to the provisions of Section 4.80.2430, monies in the economic development administration loan fund shall be expended only for:

• A. Loans to small businesses for business expansion, remodeling, working capital, equipment or other specified uses with the goal of generating additional employment opportunities as a result of such assistance to businesses within the City of San José.

• B. Expenses of the administration of the economic development administration loan fund. Such expenses shall include, but not be limited to, the following:

  1. Purchase of supplies and materials necessary to conduct said program;

  2. Auditing and actuarial services;

  3. Contractual services to accomplish the administration of the fund;

  4. Any other expenses, both direct and indirect, of administration of the fund.

(Ord. 22140.)

The city council may, at any time, transfer, not inconsistent with applicable federal regulations, monies which constitute repayment of loans made pursuant to Section 4.80.2420A, and/or interest accrued thereon, from said economic development administration loan fund to any other fund. (Ord. 22140.)