When moneys are received by a county upon condition or with the intent of the receiving county that the moneys be used for a public purpose revolving loan fund, the county may dedicate the moneys for the purposes of the revolving loan fund and payment of the expenses of administering the fund by enacting an ordinance that:
(1) Establishes a separate fund into which all moneys to be used for economic development revolving loans or grants may be deposited together with proceeds, including loan fees and interest, received from processing and repayment of such loans;
(2) Specifies the public purpose and the scope and limitation of uses of moneys in the fund; and
(3) Provides for distribution of fund assets if the governing body of the county determines, after a public hearing, that dissolution of the fund is in the best interests of the public. [1991 c.332 §1]
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