(A) Application review and evaluation. Upon completion of the RLF full application, the RLF Loan Review Committee will carry out a loan review and submit its recommendation for approval or disapproval and the basis for such recommendation to the full Board. The RLF will then consider the recommendation by the RLF Loan Review Committee. The Board may solicit or allow additional comment or advisement if it so desires. The Board shall then make its recommendations to the City Commission to approve or deny the loan. The RLF Board of Directors will utilize and fully consider all loan selection criterion to ascertain whether the proposed project is consistent with the economic development strategy for the city. The RLF Board will determine whether all loan requirements can be met and shall apply their financial experience and judgment to the project having considered all available information.
(B) Loan Fund Board approval.
(1) The RLF Loan Review Committee shall submit a copy of the Approval for Use Request to DLG (including certifications) for all projects in which program income funds are being utilized. DLG will assure project eligibility and national objective criteria and will respond within 15 days of receipt.
(2) Upon final approval, the RLF Board Chairperson will forward the entire package to the RLF’s bank with request to draw down funds to the borrower.
(Res. passed 12-27-1993)