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3. Bank interest earned on recaptured funds may be <br /> reserved for administration of the grant. No part <br /> of the recaptured principal or repayment interest <br /> may be utilized for administration but must be <br /> reserved to capitalize the revolving loan fund. <br /> B. The mayor shall appoint a review committee comprised <br /> of a Certified Public Accountant, legal and other <br /> financial related person(s) to review loan <br /> applications that are submitted to the city. The <br /> committee shall make recommendations to the city <br /> council and a council resolution shall be required as <br /> final approval of loan applications. <br /> C. An interest bearing checking account will be <br /> established at a local bank. Ninety day Certificates <br /> of Deposit shall be purchased and amounts less than <br /> $500 (or checking account minimum) shall remain in the <br /> checking account. The funds shall be managed to the <br /> city ' s best interest. That is, if it is apparent a <br /> loan application is likely to receive final approval <br /> within a short period of time and CD' s are ready for <br /> renewal , the proposed loan amount shall be transferred <br /> to the checking account to avoid loss of interest by <br /> prematurely cashing CD' s. <br /> D. Applications for loans will be accepted after a <br /> minimum of $50,000 has been deposited in the revolving <br /> loan account. Loans in excess of $150,000 will not he <br /> considered, and loans for less than $50,000 will not <br /> be made. <br /> E. Within thirty days after the revolving loan account <br /> has been opened and on an annual basis thereafter, the <br /> administrative entity shall prepare an annual <br /> -5- <br />