(A) Mission/authority. The Revolving Loan Fund Committee is hereby established to assist city staff and the City Council with administering the city's revolving loan fund program. The Committee is authorized to:
(1) Review the revolving loan fund program rules and guidelines, solicit public feedback, and offer recommendations to the City Council concerning any such rules and guidelines;
(2) Review all applications to receive funds through the revolving loan fund program, solicit public input, and offer a recommendation to the City Council concerning any such application;
(3) Conduct investigations and offer recommendations to the City Council concerning matters related to the revolving loan fund program and any applicant or application seeking funds from the same; and
(4) Perform such other acts or duties as directed by the City Council or the City Administrator, including, without limitation, providing reports and analyses concerning the revolving loan fund program.
(B) Appointment/composition.
(1) The Committee shall consist of 5 members appointed by the Mayor with the advice and consent of the City Council. The members shall include:
(a) The City Treasurer;
(b) A representative from Central Illinois Bank;
(c) A representative from First Mid-Illinois Bank and Trust;
(d) A representative from First State Bank; and
(e) A representative from State Bank of Bement.
(2) Members need not reside in the city to serve on the Committee.
(C) Term. The length of each member's term shall be 1 year, however, a member may continue to serve on the Committee until a replacement member is named and appointed in accordance with division (B)(1) of this section.
(D) Chairperson. By a majority vote, the Committee shall select a member to serve as Chairperson during that member's term.
(E) Resignation. Removal and vacancies.
(1) Committee members may resign from the Committee by providing written notice to the Mayor.
(2) Committee members may be removed from the Committee by a majority vote of the City Council.
(3) Vacancies on the Committee shall be filled in the accordance with division (B)(1) of this section.
(F) Procedure. By a majority vote, the Committee may adopt its own rules of conduct and procedure consistent with the Illinois law, including, without limitation, the Open Meetings Act (ILCS Ch. 5, Act 120, §§ 1 et seq.).
(G) Meetings. The Committee shall meet as needed, with the meeting date, time, and place to be established by the Committee. All Committee meetings are subject to the Open Meetings Act.
(H) Staff support. The Director of Community Development or his or her designee shall provide necessary support to the Committee and its activities.
(Ord. 2018-34, passed 8-13-2018)