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(3) Contribution to a 501(C)(3) Corporation whose purpose is to provide a benefit to <br />the community. Contribution cannot exceed $5,000 annually. <br />(4) On an annual basis, at least seventy (70) percent of the funds in the Lawful <br />Gambling Fund shall be allocated for expenditures for recreation, community and <br />athletic facilities; and <br />(5) <br />Requests for fund expenditures, and donations toward fund expenditures received <br />during the prior calendar year, will be considered by the Park and Recreation <br />Commission and authorized by the City Council on a case by case basis. <br />(d) This fund is not eligible for inter -fund loans. <br />6. Economic Development Authority Fund. (Fund 9230) <br />(a) The Economic Development Authority Fund shall account for all revenues and <br />expenditures associated with City economic development activities within the City. <br />(b) Funding shall consist of the following sources: <br />(1) Revenues generated from economic development activities within the City; and <br />(2) Interest earnings on the Economic Development Authority Fund from the <br />distribution of pooled interest earnings. <br />(c) Expenditures shall consist of the following uses: <br />(1) Expenses in conjunction with the operation of the Economic Development <br />Authority; and <br />(2) Salaries, benefits and operating costs associated with the promotion and <br />management of economic development activities; and <br />(3) Capital expenditures associated with economic development activities within the <br />City as detailed in the annual Capital Improvement Program or as directed by the <br />Economic Development Authority and City Council. <br />(d) This fund is eligible for inter -fund loans. <br />7. COR/HRA Fund. (Fund 9295) <br />(a) The COR/HRA Fund shall account for revenues and expenditures associated with <br />land transactions and development activities within the COR area. <br />(b) Funding shall consist of the following sources: <br />(1) Revenues generated from land sales within the COR area to reimburse original land <br />purchase and special assessments (formally known as land held for resale); and <br />(2) Revenues generated from Tax Increment Financing District #14, known as the <br />COR, for reimbursement of public improvements in the COR area; and <br />(3) Interest earnings on the COR/HRA Fund from the distribution of pooled interest <br />earnings. <br />Ordinance #25-12 <br />Page 4 of 13 <br />