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(A) An account is established for the deposit of monies for the city’s Economic Development Revolving Loan program. The monies will come from the balance of the city’s original Economic Development Loan program (established 12-26-85, Ord. 1985-31; amended 11-22-2000, Am. Ord. 2000-15) or from any other lawful source.
(B) The account shall be named the Economic Development Revolving Loan Fund (hereafter “EDRLF”) and all funds contained in the account shall be used for the purpose of providing loans to qualified business entities and may also include the associated costs of providing these loans.
(C) An Economic Development Revolving Loan Fund Committee is established to review loan applications, may approve loans not exceeding $75,000 and may recommend loans in excess of $75,000 to be considered and approved by the Common Council on a case-by-case basis pursuant to resolution by the Council. The loan committee is comprised as follows:
(1) Five members, three to be appointed by the Mayor of the city and two to be appointed by the Common Council of the city.
(2) The initial Committee appointments by the Mayor shall be for two years and for two years thereafter. The initial Committee appointments by the Common Council shall be for one year and for two year appointments thereafter. The first year of the initial appointment shall be considered as a full year regardless of the date of the appointment. The expiration dates of the appointments will be December 31 and accordingly the expiration of the members by the two appointing authorities shall occur in different years. All Committee members shall serve until his/her successor is appointed.
(3) If a vacancy occurs, a successor shall be appointed in the same manner as the departed member, and the successor shall serve the remainder of the vacated term.
(4) Each EDRLF member serves at the pleasure of the appointing authority and may be removed at any time.
(5) One of the Mayor’s appointments shall be a lender from a local lending institution and one of the Common Council’s appointments shall have two or more years of experience in commercial loan activity.
(6) The remaining three members shall have an interest in the economic climate of the city and the surrounding area.
(7) All voting members of the EDRLF Committee shall be residents of Jefferson County, Indiana.
(8) The city’s Economic Development Director, the Mayor or his/her designee and the Clerk-Treasurer or his/her designee shall serve as ex-officio members of the EDRLF Committee but shall have no voting privileges.
(D) The Mayor is authorized to promulgate certain rules and guidelines with respect to the eligibility of loan applicants and the administration of the EDRLF Program.
(E) The express and written approval of the Board of Public Works and Safety of the city shall be obtained prior to the expenditure of funds from the account.
(F) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(G) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance and all proceeds from loan receipts made after the account is terminated shall revert to the general budget fund of the Common Council.
(Ord. 1985-31, passed 12-26-85; Am. Ord. 2000-15, passed 11-22-00; Am. Ord. 2020-6, passed 5-5-20)