(A) The Non-Economic Development Administration Revolving Loan Fund Board shall be composed of the same members of the Economic Development Administration Revolving Loan Fund Board, and the terms for this Board shall coincide with the terms of the other Board. It is the intention of this section to have the same people who compose the Economic Development Administration Revolving Loan Fund Board to administer these funds in conformity with the requirements of this section, but not be restricted in the administration of the funds as restrictions which presently are imposed under the Economic Development Administration Revolving Loan Fund Board.
(B) Each member of the City Economic Development Commission shall serve on the Board upon the same terms and conditions under which each of them now serve as Commissioners of the Economic Development Commission. The attorney for the Economic Development Commission shall serve at the discretion and leisure of the Mayor, and subject to the authorization of the City Attorney. The Executive Director of the Economic Development Commission shall serve at the discretion and leisure of the Mayor, but subject to the approval of the Economic Development Commission.
(C) The member to be first appointed to this Board by the Common Council shall be the same representative of the Common Council who is now serving on the Economic Development Administration Revolving Loan Fund Board. The two remaining Board members of this Board shall be those appointed by the Mayor who presently are on the Economic Development Administration Revolving Loan Fund Board. Each of the two Board members shall serve terms of four years each.
(D) 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 appointed to fill the vacancy by the same authority who approved the renewed member, and the Board member so appointed shall serve for the remainder of the vacated term. The Board members shall hold over after the expiration of their terms until their respective successors have been duly appointed and qualified.
(E) 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.
(F) This Board shall elect one of its members as President, one as Vice-President, and one as Secretary, each of which shall serve for one year, and elections for these officer will be held at the first meeting in each calender year.
(G) The Board shall adopt any by-laws, rules and regulations as it may deem necessary for the proper conduct of its proceedings. Special meetings shall be held at a time as the Board shall determine. A majority of the Board shall constitute a quorum, and a concurrence of the majority shall be necessary to authorize any action.
(H) 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 the Board, or by the appointing authority which appointed 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 appointing authority which removed the Board member. The cause shall be tried as other civil cases as tried by the court without the intervention of a jury. An appeal from the judgment may be taken as in other civil actions.
(I) Any member of this Board having a pecuniary interest in any employment, financing agreement or any other contract made under any of the loans which this Board may consider shall disclose the pecuniary interest before any action is taken by the Board on it, and shall not vote on the matter. In the event a Board member has a pecuniary interest in any employment, financing agreement or other contract and fails to disclose the interest and votes on the matter, then the transaction made in which any Board member has a pecuniary interest shall be void ab initio.
(Ord. 680, passed 5-21-1990)