(A) The City Council will establish a Revolving Loan Fund Board composed of seven members, one of which shall be a Councilmember. The RLF Board will be representative of a cross section of area leaders with experience and expertise in business finance and economic development. Members will be appointed by the Mayor with approval by the City Council.
(B) The RLF Board will establish, evaluate, and carry out policy, establish loan conditions, and recommend disposition of loans under the Revolving Loan Fund.
(C) The Mayor shall serve as Loan Fund Manager and will act as liaison between potential borrowers and RLF Board of Directors. The Mayor may delegate this authority or request assistance as needed.
(D) In addition, three members of the Board will serve as a Loan Review Committee. This Loan Review Committee will, with the assistance of the RLF Manager, review all loan requests and make recommendations to the full Board regarding the various requests.
(E) The RLF Board of Directors shall present a written report regarding RLF activities and status of the fund to the City Council annually.
(Ord. 87-27, passed 6-29-87)