There shall be established within the Finance Department a revolving fund to be known as the "housing and community development revolving fund." The purpose of this revolving fund is to collect any proceeds or income generated from all projects funded with monies from the Housing and Community Development Revolving Fund, U.S. Department of Housing and Urban Development (HUD), Community Development Block Grant (CDBG), Small Cities Program and HOME Investment Partnerships Program (HOME); the Rural Economic and Community Development Services of the U.S. Department of Agriculture (USDA) (formerly known as the Farmers Home Administration); and any other Federal, State or County agency and to revolve such funds. The monies shall be maintained by separate accounts according to the source of the funds or applicable program restrictions for the use of the funds.
(Ord. No. 481, October 24, 1985; Ord. No. 539, March 17, 1988; Ord. No. 560, November 27, 1989; Ord. No. 676, February 13, 1995)
All monies received by the revolving fund shall be utilized for the development, operation, maintenance, buy-back, rehabilitation of Housing and Community Development projects, funding of community projects and administrative expenses of Kaua'i County Housing Agency and such expenditure of monies shall be made in compliance with all Federal, State, and County program requirements. Any interest earned by the revolving fund shall be paid into and credited to the revolving fund.
(Ord. No. 481, October 24, 1985; Ord. No. 539, March 17, 1988; Ord. No. 560, November 27, 1989; Ord. No. 676, February 13, 1995)