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AFN <br /> 3. Bank interest earned on recaptured funds may be <br /> reserved for administration of the grant. No part <br /> (W 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 <br /> comprised of a Certified Public Accountant, legal <br /> and other financial related person(s) to review <br /> loan applications that are submitted to the city. <br /> The committee shall make recommendations to the <br /> city council and a council resolution shall be <br /> required as final approval of loan applications. <br /> C. An interest bearing checking account will be <br /> established at a local bank. Ninety day <br /> Certificates of Deposit shall be purchased and <br /> amounts less than $500 (or checking account <br /> minimum) shall remain in the checking account. The <br /> (W funds shall be managed to the city's best <br /> interest. That is, if it is apparent a loan <br /> application is likely to receive final approval <br /> within a short period of time and CD's are ready <br /> for renewal , the proposed loan amount shall be <br /> transferred to the checking account to avoid loss <br /> of interest by prematurely cashing CD's. <br /> D. Applications for loans will be accepted at any time <br /> there are adequate funds available in the revolving <br /> loan account to meet the loan request. <br /> E. Within thirty days after the revolving loan account <br /> has been opened and on an annual basis thereafter, <br /> the administrative entity shall prepare an annual <br /> L <br />