(A) Generally. The Quincy Economic Development Loan Committee shall consist of five members, selected on the basis of their respective experience in credit evaluation, loan processing and servicing business operations and collection, and foreclosure proceedings, and two Aldermen, one from each political party. All members shall be appointed by the Mayor with the advice and consent of the City Council. Members may be reappointed to serve on the Committee from time to time. The Director of the Department of Planning and Development shall serve on the Committee as an ex-officio, non-voting, current member.
(B) Terms. The members of the Quincy Economic Development Loan Committee shall be appointed for terms of three years. All terms shall be based on years which commence on May 1 and end on April 30.
(C) Transition of terms. In order to provide for the initial appointment of members of the Quincy Economic Development Loan Committee and further to provide for staggered terms of members, the Mayor shall initially appoint members of the Committee, with the advice and consent of the City Council, to varying terms as determined by the Mayor. One member shall be appointed for a term of one year. Two of each of the remaining members of the Committee shall be appointed, respectively, for terms of two and three years. The two Aldermanic appointments shall be made for a period of two years. The Chairperson shall be one of those members appointed for a three-year term. For purposes of the initial appointment of members, the year or years of appointment shall run from May 1, 1985, although effectively appointed prior to that date. The period of holding office prior to the date shall not be considered. After the initial appointments, all appointments shall be made for the appropriate terms as provided above. After appointment, the designated Chairperson shall call an organizational meeting of the committee.
(D) Vacancies. All vacancies occurring in the Quincy Economic Development Loan Committee shall be filled by appointment in the same manner as original appointments. Vacancies shall be filled to complete only the unexpired term of the member in whose position the vacancy is created.
(E) Compensation. All members of the Quincy Economic Development Loan Committee shall serve without compensation for services, provided that members shall be entitled to reimbursement for actual and reasonable expense or expenditures incurred in connection with the duly authorized business of the committee.
(F) Conflicts. No member of the Quincy Economic Development Loan Committee shall be interested, directly or indirectly, in his or her name or in the name of any other person, association, trust or corporation, in any loan made or guaranteed pursuant to the Quincy Development Plan administered by the Committee. However, a loan may be made if with a person, firm, partnership, association, corporation or cooperative association in which the interested member has less than a 7.5% share in the ownership; the interested member publicly discloses the nature and extent of his or her interest prior to or during deliberation, concerning the loan; the interested member abstains from voting on the loan, though he or she shall be considered present for purposes of establishing a quorum; and, the loan is approved by a majority vote of those members presently holding office. Further, nothing therein shall preclude loan guaranties for or direct loans to customers, or depositors of a local bank, savings and loan association or other lending institution regardless of whether a Committee member is interested in the institution as an officer or employee or as a holder of less than 7.5% of the total ownership interest even if the institution serves as the lender of a guaranteed loan.
(1980 Code, § 11.1602)