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(b) <br /> <br />5. <br /> (a) <br /> <br />(b) <br /> (1) <br /> <br />(2) <br />(3) <br /> <br />(c) <br /> (1) <br /> <br />(2) <br /> <br />(3) <br /> <br /> (d) <br /> <br />6. <br /> (a) <br /> <br /> (b) <br /> <br />'L <br /> (a) <br /> <br />(b) <br /> (1) <br /> (2) <br /> (3) <br /> <br />This fund is eligible for inter-fund loans. <br /> <br /> Revolving Loan Fund. <br />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. <br /> <br />Funding shall consist of the following sources: <br /> Funds made available by the Minnesota Department of Trade and Economic <br /> Development and the City of Ramsey; and <br /> Interest Collected on loaned funds during the term of the loan; and <br /> Interest earnings on the Revolving Loan Fund from the distribution of pooled <br /> interest earnings. <br /> <br />Expenditures shall consist of the following uses: <br />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 />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 />The minimum loan amount available from the Revolving Loan Fund to an eligible <br />project is $25,000. <br /> <br />This fund is eligible for inter-fund loans. <br /> <br />Peace Officers Fund. <br />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 /> <br />This fund is eligible for inter-fund loans. <br /> <br />Lawful Gambling Fund. <br />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 /> <br />Funding shall consist of the following sources: <br />Lawful gambling proceeds received in accordance with Code Section 7.61; and <br />Outside donations from lawful gambling proceeds; and <br />Interest earnings on the Lawful Gambling Fund from the distribution of pooled <br />interest earnings. <br /> <br />Page 3 of 12 <br /> <br /> <br />