The Quincy Economic Development Loan Committee shall have the powers and duties set forth in this section and other powers and duties and the City Council may hereafter prescribe. The powers and duties of the Quincy Economic Development Loan Committee shall be as follows:
(A) To administer the Quincy Economic Development Plan including, in connection therewith, the loan guaranty program and the direct loan program;
(B) To determine and establish, consistent with the Quincy Economic Development Plan, procedures and policies for credit evaluation, loan processing and servicing, and the collection and foreclosure of loans made;
(C) To make specific loan guaranties, direct loans and/or grants in accordance with and subject to the terms, conditions and restrictions of the Quincy Economic Development Plan, as from time to time amended. The Mayor is authorized to execute all documents that are necessary on behalf of the city;
(D) To submit an annual report to the Mayor and City Council relative to the operation and administration of the Quincy Economic Development Plan and the Quincy Economic Development Loan Committee; and
(E) To perform other acts as may be necessary or desirable to accomplish any or all of the foregoing.
(1980 Code, § 11.1604)