(A) There is hereby created a Community Development Block Grant Commission to consist of three members, to be selected by majority vote of the Town Council from among bonafide residents of the town, not less than one of whom shall be a member of the Town Council, and who shall serve at the pleasure of the Town Council and until their respective successors have been appointed by action of the Town Council.
(B) (1) The Commission shall administer and prescribe the terms and conditions of community development block grants received by the town in accordance with all requirements prescribed by law of the United States of America and of the state in accordance with procedures prescribed by law and in accordance with the instructions contained in the Grantee Implementation Manual prepared by the Division of Internal Audit of the state’s Department of Commerce, revised February, 1988, which manual is incorporated herein by reference.
(2) The Commission shall screen applicants for loans of recaptured funds and shall recommend to the Town Council those applicants selected by the Commission to receive loans from recaptured funds.
(3) Loans of recaptured funds shall meet all requirements for loans of original grant funds as prescribed by applicable federal and state law and in accordance with the additional standards as may from time to time be prescribed by the Town Council.
(4) Meetings of the Community Development Block Grant Commission shall be convened and held as needed and as determined by the Commission, or on call by the President of the Town Council, and shall be subject to the requirements of I.C. 5-14-1.5 et seq.
(C) Subject to the requirements of federal and state law, proceeds of loans shall be held and accounted for as miscellaneous revenues of the town dedicated to economic development of the community and such other lawful purposes as may be prescribed by applicable state law, as may from time to time be prescribed by the Town Council.
(Prior Code, Title I, Ch. III, Art. VII)