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. � � ' <br /> REVOLVING LOAN F[JND (RLF) <br /> ADKINISTRATIVE AGRE�1'r BETWEEN <br /> CITY OF DECATUR, ILLINOIS, AND CO1�II�ILJNITY <br /> INVESTMffi�1'T CORPORATION OF DECATUR, INC. <br /> , "� <br /> �, This Agreement is entered into on the lp day of <br /> , 1993, by and between the CITY OF DECATUR, ILLINOIS, <br /> a publi body, hereinafter referred to as CITY, and the COMMUNITY <br /> INVESTM T CORPORATION OF DECATUR, INC. , an Illinois <br /> not-for-profit corporation, hereinafter referred to as CICD. <br /> WHEREAS, the City of Decatur has caused to be created a <br /> Revolving Loan Fund, hereinafter referred to as the RLF, <br /> initially capitalized from a portion of its Community Development <br /> Block Grant (CDBG) funds governed under the Title I Program in <br /> the amount of $400, 000 and a grant from the Economic Development <br /> Administration (EDA) under the Title IX Program in the amount of <br /> $500, 000; and, <br /> WHEREAS, the RLF is used to provide financing assistance to <br /> business enterprises in the City of Decatur, Illinois; and, <br /> WHEREAS, the RLF operates and is made available to qualified <br /> applicants in accordance with all the applicable guidelines and <br /> regulations of the Economic Development Administration, United <br /> States Department of Housing and Urban Development, the City of <br /> Decatur, its Revolving Loan Fund Plan and Guidelines and in <br /> accordance with any other conditions or provisions of any funds ; <br /> relating to the RLF. � <br /> NOW, THEREFORE, the above mentioned parties do hereby agree <br /> to the following terms and conditions: , <br /> I. ACTIONS BY THE CICD ', <br /> A. The CICD shall provide the city records of all <br /> activities carried out by the RLF and will insure that all <br /> operations of the RLF are in such a manner as to be in compliance <br /> with all applicable federal, state, and local laws and <br /> regulations. <br /> B. The CICD will assume all responsibilities for the <br /> operations of the RLF to include the preparation and maintenance <br /> of all associated day to day accounting functions, financial <br /> statements, operational budgets, and any other necessary <br /> financial documents related to the operations of the RLF. <br /> C. The CICD will provide for an annual financial audit of <br /> RLF financial activities by an independent Certified Public <br /> Accountant. Copies of audits will be provided to the City of <br /> Decatur administrative officials. <br />