(A) Established. There is established a standing committee to be known as the City Economic Revolving Fund (SERF) Committee for the purpose of:
(1) Providing technical assistance in the completion of application documents to applicants for a SERF loan;
(2) Providing consultation and recommendations to the Common Council regarding individual SERF loan applications and requests for loan servicing for use by the Common Council in the review, evaluation and decision-making thereon; and
(3) Monitoring outstanding SERF loans.
(Prior Code, § 2-179)
(B) Appointment of members; meetings.
(1) Appointment of members. Appointment of members of the SERF Committee and establishment of the terms of service of members of the SERF Committee shall be made by the Mayor and ratified by the Common Council. The Committee shall consist of five members, as follows:
(a) The Mayor or a designee of the Mayor;
(b) One representative from the Common Council;
(c) Two representatives from the City Economic Development Corporation; and
(d) One representative who is a financial or accounting professional.
(2) Meetings. The SERF Committee shall meet on an as needed basis. Following each meeting a written record of said meeting shall be prepared and forwarded to the Common Council for review and comment.
(Prior Code, § 2-180)
(C) Transfers authorized. Notwithstanding any provision of division (B) above to the contrary, the Council, by an affirmative vote of at least four members, may authorize the transfer of funds, principal and interest, to the West River Foundation for Economic and Community Development, Inc. to be used as matching grant funds by the foundation in its promotion of the city pursuant to foundation guidelines.
(Prior Code, § 2-181)
(Ord. 718, passed 2-18-1992; Ord. 885, passed 7-17-2000)