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(a) The Community Development Block Grant Fund shall be used to account for all <br />revenues and expenditures in conjunction with the Community Development <br />Block Grant (CDBG) program activities. <br />(b) This fund is not eligible for inter fund loans. <br />2. Future Sealcoating Fund. (Fund 9250) <br />(a) The Future Sealcoating Fund shall be used to account for contributions from <br />developers and property owners for future sealcoating work. <br />(b) This fund is eligible for inter -fund loans. <br />3. Revolving Loan Fund. (Fund 9232) <br />(a) The Revolving Loan Fund shall be used to account for loans authorized by the City <br />of Ramsey to prospective private businesses in accordance with Chapter 469 of <br />the Minnesota State Statutes and as outlined in the City of Ramsey's Economic <br />Development Revolving Loan Fund Guidelines adopted in February 2005. <br />(b) Funding shall consist of the following sources: <br />(1) Funds made available by the Minnesota Department of Trade and Economic <br />Development and the City of Ramsey; and <br />(2) Interest Collected on loaned funds during the term of the loan; and <br />(3) Interest earnings on the Revolving Loan Fund from the distribution of pooled <br />interest earnings. <br />(c) Expenditures shall consist of the following uses: <br />(1) Loans to small businesses are to be used on eligible costs such as land <br />improvements, purchase or renovation of building, purchase machinery or <br />equipment, building construction, leasehold improvements, or any authorized <br />expenditure, provided that no funds are to be used for management fees, financing <br />costs, franchise fees, debt repayment or consolidation, moving costs, refinancing <br />and operating costs or working capital; and <br />(2) The maximum loan available from the Revolving Loan Fund to an eligible project <br />is limited to $300,000 or 40% of total project cost, whichever is less; and <br />(3) The minimum loan amount available from the Revolving Loan Fund to an eligible <br />project is $25,000. <br />(d) This fund is eligible for inter -fund loans. <br />4. Peace Officers Fund. (Fund 9290) <br />(a) The Peace Officers Fund shall be used to account for public safety restricted <br />revenues which must be used exclusively for public safety expenditures and other <br />expenditures as specified. <br />(b) This fund is eligible for inter -fund loans. <br />5. Lawful Gambling Fund. (Fund 9270) <br />(a) The Lawful Gambling Fund shall be used to account for revenues from lawful <br />gambling received by the City in accordance with Code Section 7.61. <br />Page 3 of 14 <br />