The Revolving Loan Fund Board shall have the following powers and duties:
(A) To establish eligibility requirements, loan size limitations, use restrictions, duration or term of loans, interest rates, loan security/collateral criteria and job creation criteria with respect to loans from the city Revolving Loan Fund; provided, no loan may exceed 50% of the available RLF account balance without the unanimous approval of the Board and City Council. All guidelines adopted by the Board shall comply with guidelines now in effect or hereafter amended, as established by the Illinois Department of Commerce and Community Affairs.
(B) To solicit, accept and review loan applications from eligible businesses.
(C) To establish and implement procedures for the screening and review of loan applications, including but not limited to environmental review procedures, financial analysis, investigation of matters raised in the application and meeting with the applicant and/or a representative of the applicant's financial institution.
(D) To prepare and submit to the Council for its consideration a recommendation for the approval or denial of the loan application in whole or in part.
(E) To exercise the ancillary powers granted by this subchapter as may be reasonably necessary to accomplish its mission or as may be conferred by the Council.
(Ord. 1095, passed 4-16-91)