There is established for the Council on the Arts a Revolving Loan Fund of $3,000.00 to enable needy persons and groups to purchase supplies useful in their art or craft. Funds may be loaned under terms and conditions of repayment as the Council directs, and the Council may adjust or forgive any amount owed to the Fund. The Council shall repay all amounts so adjusted or forgiven from its general appropriation. (Added 1979, No. 74, § 347.)