(A) There is hereby created the Revolving Loan Fund Board, and the Board shall be created by members who are appointed by the Mayor. The members shall serve a term of one year, and the Board shall consist of a representative of each of the two local banks, the Mayor, the City Attorney (who shall be the legal representative of the Board), two members of the Common Council, and a representative from the County Council of Governments. The Board members hereon will serve without remuneration or consideration of any type.
(B) The Revolving Loan Fund Board shall function as a loan review body and act to negotiate loan conditions and terms for the Revolving Loan Fund. The Board will act in an advisory capacity to the Common Council who will make the final determination as to what loans shall or shall not be granted from the Revolving Loan Fund.
(Prior Code, § 32.02) (Ord. 1208, passed 3-16-1987)