§ 10-4-104. FUNDING.

(a)

Sources. The Capital Grant Program may be funded from:

(1)

The proceeds of general obligation bonds issued by the county in accordance with §§ 705(a) and 718 of the Charter; and

(2)

Any other funds made available to the Capital Grant Program by the county.

(b)

Money provided by bonds issued after July 1, 1997. Without limiting the sources provided under subsection (a) of this section, money provided by general obligation bonds issued after July 1, 1997 shall be treated as a grant to the association.

(c)

County Administrative Officer determinations.

(1)

The County Administrative Officer shall, in consultation with the Director of Budget and Finance, determine the method and procedures for accounting for grants or other transfers to the Association.

(2)

Grants or other transfers to the Association shall be made subject to the limitations that the County Administrative Officer determines to assure that there is no adverse effect on the excludability from gross income for federal income tax purposes of interest on any county general obligation bonds that are the source of the grants or other amounts transferred.

(1988 Code, § 15-161) (Bill No. 161-94, §§ 1, 2, 12-8-1994; Bill No. 83-00, § 2, 7-1-2004)