(A) There is hereby established a Revolving Loan Fund Board, which shall be known as the City Revolving Loan Fund Board. The Board shall be composed of five members of the City Economic Development Commission, its attorney, its Executive Director, the Mayor, a member of the City Common Council with the representative being appointed by the Council itself, and two representatives selected from any of the following groups: local and community leaders, business organizations, the financial community, citizens’ representatives and governmental areas.
(Ord. 658, passed 1-16-1989)
(B) Each member of the City Economic Development Commission shall serve on the Revolving Loan Fund Board upon the same terms and conditions under which they each serve as Commissioners of the Economic Development Commission. The Economic Development Commission Attorney shall serve at the discretion and leisure of the Economic Development Commission and subject to the authorization of the City Attorney. The Executive Director shall serve at the discretion and leisure of the Mayor, but subject to the approval of the Economic Development Commission.
(C) The two remaining members of the Revolving Loan Fund Board shall be nominated and appointed by the Mayor. Each of the two Board members shall serve a term of four years. In the event any person appointed as a Board member by the Mayor shall fail to qualify within ten days after the mailing to him or her of a notice of his or her appointment, or if any Board member appointed by the Mayor after qualifying shall die, resign, vacate the office or be removed, a new Board member shall be selected or nominated and appointed to fill the vacancy in the same manner as the Board member in respect to which the vacancy occurs, and the Board member so appointed shall serve for the remainder of the vacated term. The Board member shall hold over after the expiration of their terms until their respective successors have been duly appointed and qualified.
(D) Each Board member, before entering upon his or her duties, shall take and subscribe an oath of office in the usual form, to be endorsed upon the certificate of his or her appointment, which shall be promptly filed with the City Clerk-Treasurer.
(E) The Revolving Loan Fund Board shall elect one of its members as President, one as Vice-President, and one as Secretary, each of which shall serve from the day of his or her election until the December 31 next following his or her election, and until his or her successor is elected and qualified.
(F) The Revolving Loan Fund Board shall adopt any by-laws, rules and regulations as it may deem necessary for the proper conduct of its proceedings. Regular or special meetings shall be held at a time as the Board shall determine. A majority of the Board shall constitute a quorum, and concurrence of the majority shall be necessary to authorize any action.
(G) Any Board member may be removed from office for neglect of duty, incompetency, disability to perform his or her duties, or other good cause, by the officer or board which nominated him or her. A Board member so removed may obtain judicial review of the removal by filing a complaint in the County Circuit Court, but the burden of proof shall be upon the officer or board which removed the board member. The cause shall be placed on the advance calendar and be tried as other civil cases as tried by the Court without intervention of a jury. An appeal from the judgment may be taken as in civil actions.
(H) Any member of the Revolving Loan Fund Board having a pecuniary interest in any employment, financing agreement, or any other contract made under the Revolving Loan Fund Plan shall disclose the pecuniary interest before any action is taken by the Board on it, and shall not vote on any matter of this kind. In the event a Board member has a pecuniary interest in any employment, financing agreement, or other contract and fails to disclose his or her pecuniary interest and votes on the matter, then any transaction made in which any Board member has a pecuniary interest shall be void ab initio.
(Ord. 588, passed 6-4-1984)