(A) Appointment.
(1) The Community Development Loan and Review Board shall consist of five members, three of which shall be appointed by the Mayor of the city with the advice and consent of the City Council and one each nominated and appointed by the city’s Business Association and the city’s Area Chamber of Commerce, respectively. None of the appointed five Review Board members shall hold any other offices within the city and all shall be residents within the city and be chosen with reference to their special fitness for office. The five appointed Loan Review Board members shall hold office, one for one year, two for two years, and two for three years, from and after the first day of the month following their appointment. At the first regular meeting of their appointment, the five Review Board members shall cast lots for their representative terms. Annually thereafter, before August 1 each year, the Mayor, with the advise and consent of the City Council, or the respective organizations, shall appoint the member or members to take the place of the retiring member. The subsequent appointees shall hold office for a period of three years. All members of the Loan Review Board shall hold office until their respective successors are appointed. The Mayor, with the advice and consent of the City Council, may remove any member for misconduct in office or neglect of duty. Vacancies in the Loan Review Board, however occasioned, shall be filled for the remainder of the expired term in like manner as original appointments.
(2) No Review Board member, at any time, either directly or indirectly, shall be interested in any contract with the Board or directly or indirectly be involved in any investment made by the Board, or benefit in any manner while serving as a member of the Review Board. No member shall receive compensation for his or her services as a member of the Board, but shall be entitled to reimbursement for necessary expenses incurred in the performance of his or her duties.
(B) Organization and rules.
(1) The Loan Review Board shall immediately meet after its appointment and organize by election one of its members as Chairperson and one as Secretary. The Chairperson and Secretary shall have duties usually performed by such officers on similar boards. After the organization, the Review Board shall make and adopt by-laws, rules and regulations for its own guidance for the transaction of business of the Board to carry out the purposes as herein recited as it may deem expedient. These by-laws, rules and regulations shall not be inconsistent with any provisions of this subchapter and shall be subject to the approval of the City Council. The Review Board shall meet no less than annually at a time and place to be designated by it. Regular meetings shall be established by the Board in the by-laws as well as methods for calling special meetings.
(2) A majority of Review Board members shall constitute a quorum for the transaction of the business thereof. A concurring vote of a majority of all members shall be required for the exercise of any of the powers granted by this subchapter. All records of the Board shall be open to public inspection at all reasonable hours. The Review Board shall provide for the proper safekeeping of its records subject to the provisions of the Local Records Act, as now provided or as hereinafter amended or superseded by applicable law. The Secretary shall keep a minute book for the recording of the action of the Board. A complete record of the minutes and proceedings of the Board shall be kept in a minute book and the minutes shall be signed by the Secretary and approved by the Chairperson of the Board.
(C) Powers, duties and responsibilities. The Board shall have the following powers, duties and responsibilities:
(1) To direct investment of all moneys received by the Loan Fund in such investments as permitted by the laws of the state;
(2) To immediately provide and develop loan guidelines, terms and conditions, consistent with state and federal law by which the administration of the Community Development Loan Fund may be administered;
(3) To provide for loan and grant application forms necessary for the administration of the Community Development Loan Fund;
(4) To hold public hearing and solicit ideas, suggestions, to consider requests for various organizations, agencies, persons or residents of the city concerning the expenditure of funds;
(5) To act on and determine the viability of loan and grant applications requesting expenditures of the Community Development Loan Fund;
(6) To accept, reject, modify, defer, table or consolidate loan or grant applications; all acts with respect to loan and grant applications shall be made without respect to race, sex, age, national origin, religion or disability and all equal opportunity requirements of state and federal law shall be strictly adhered to;
(7) To recommend to the City Council expenditures or suggested expenditures and the priority of the expenditures, including schedules of loan repayment and interest rates;
(8) To maintain records of all loan applications made pursuant to this subchapter and all records of loan agreements and loan disbursements and repayments;
(9) To establish accounts therefrom and to cause an audit to be made on an annual basis on all accounts established, of all moneys received and disbursements made pursuant to this subchapter;
(10) To furnish an annual report to the city at any time to furnish other information relating to the Fund as may be requested by the City Council;
(11) To designate and approve a depository or depositories of all moneys received on behalf of the Fund;
(12) To enter into participation agreements or companion loans with financial institutions, other commercial lenders or agencies and instrumentalities of the federal or state government;
(13) To set loan maturity dates, terms of repayment, loan modification and restructuring pursuant to the guidelines adopted by the Review Board;
(14) To set reasonable fees for the administration of the Fund program and servicing of outstanding loans;
(15) To enter into agreements with financial institutions for the administration of the Community Development Loan Fund program;
(16) To work in conjunction with the City Attorney on loans in default or delinquencies and to recommend that the city institute any and all necessary legal action;
(17) To work in conjunction with any and all local self-employment trading programs, licensed professionals, private management consulting firms, local educational institutions, and public and private economic development organizations, including, but not limited to, the city’s Business Association and the city’s Area Chamber of Commerce, federal, state or local economic development groups, or management assistance services; and
(18) To do all other things necessary aid proper for the achievement of the specified goals and purposes of the Community Development Loan Fund program.
(1994 Code, § 36.29) (Ord. 423, passed 8-11-1992)