05-11-2004 Council Agenda - Laserfiche WebLink

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ECONOMIC DEVELOPMENT AUTHORITY (EDA) OF' LITTLE CANADA, MN BUSINESS REVOLVING LOAN FUND LOAN REVIEW COMMITTEE BYLAWS/FUNCTIONS April 2004 Section 1. Section 2. Section 3. Section 4. Section 5. Name of Committee: The name of the committee shall be the "Business Revolving Loan Fund Loan Review Committee (BRLF Loan Review Committee). Hereinafter referred to as the "Committee ". Office of the Committee: The Committee shall have its office at the Economic Development Authority (EDA) office at 515 E. Little Canada Road, Little Canada, MN. Powers of the Committee: The powers of the Committee shall be limited to review of applications for BRLF program loans and the making of recommendations to the EDA Board of Commissioners on which loan applicants should be granted loans under the BRLF program and in what priority. Also, see Section 10. Members of the Committee: There shall be five members of the Committee. Members shall be appointed by the EDA Board of' Commissioners. Three at large members to be appointed who have financial expertise and are either residents, or business persons, in the City of Little Canada. One member shall be the Treasurer of the EDA Board of Commissioners and one member from the City Council. All Committee members shall serve at the pleasure of the EDA Board of Commissioners. Vacancies on Committee: Vacancies due to resignations, non - reappointment to the EDA Board, or non -re- election to City Council position shall be filled by appointments by the EDA Board of Commissioners. Section 6. Removal: Committee members may be removed from the Committee by the EDA Board of Commissioners for just cause (e.g. nonattendance at Committee meetings). Section 7. Officers: A Chair and Vice Chair shall be elected initially at the first meeting of the Committee. Then annually in January of each year (or the first meeting thereafter if no meeting is held in January) a Chair and Vice Chair shall be elected. The EDA shall provide a staff person to record the minutes of the meeting and maintain records for the Committee. Section 8. Section 9. Meeting Dates/Places /Coordination: The Committee will meet as often as necessary to perform the functions of the Committee. The City Administrator or his /her designee shall coordinate the dates, times and places for the meetings with the Chair of the Committee. Committee meeting notices are to be mailed by the EDA office to the home or office address of the Committee member at least three (3) days prior to the meeting time. Quorum for Meetings: Three Committee members shall constitute a quorum for conducting business of the Committee. When a quorum is in attendance, action may be taken by the majority of the Committee members present. - 1 4 -