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ECONOMIC DEVELOPMENT AUTHORITY (EDA) OF COLUMBIA HEIGHTS, MN <br />BUSINESS REVOLVING LOAN FUND <br />LOAN REVIEW COMMITTEE BYLAWS /FUNCTIONS <br />Updated 3 -1 -2002 <br />Section 1. <br />Narne of Committee: The name of the committee shall be the `Business <br />Revolving Loan Fund Loan Review Committee (BRLF Loan Review <br />Committee). Hereinafter referred to as the "Committee ". <br />Section 2. Office of the Committee: The Committee shall have its office at the Economic <br />Development Authority (EDA) office at 590 40`x' Avenue N.E., Columbia Heights, <br />MN. <br />Section 3. <br />Powers of the Committee: The powers of the Committee shall be limited to review <br />of applications for BRLF program loans and the making of recommendations to the <br />EDA Board of Commissioners on which loan applicants should he granted loans under <br />the BRLF program and in what priority. Also, see Section 10. <br />Section 4. Members of the Committee: There shall be three members of the Committee. <br />Members shall be appointed by the EDA Board of Commissioners. One at large <br />member to be appointed who has financial expertise and are either residents, or <br />business persons, in the City of Columbia Heights. One member shall be appointed <br />from the EDA Board of Commissioners and one member from the City Council. All <br />Committee members shall serve at the pleasure of the EDA Board of Commissioners. <br />Section 5. Vacancies on Committee: Vacancies due to resignations, non - reappointment to the <br />EDA Board, or non -re- election to City Council position shall be filled by <br />appointments by the EDA Board of Commissioners. <br />Section 6. Removal: Committee members may be removed from the Committee by the EDA <br />Board of Commissioners for just cause (e.g. nonattendance at Committee meetings). <br />Section 7. Officers: A Chair and Vice Chair shall be elected initially at the first meeting of the <br />Committee. Then annually in May of each year (or the first meeting thereafter if no <br />meeting is held in May) a Chair and Vice Chair shall be elected. The EDA shall <br />provide a staff person to record the minutes of the meeting and maintain records for <br />the Committee. <br />Section 8. <br />Meeting Dates /Places /Coordination: The Committee will meet as often as necessary <br />to perform the functions of the Committee. The Community Development Director or <br />his /her designee shall coordinate the dates, times and places for the meetings with the <br />Chair of the Committee. Committee meeting notices are to he mailed by the EDA <br />office to the home or office address of the Committee member at least three (3) days <br />prior to the meeting time. <br />Section 9. Quorum for Meetings: Two Committee members shall constitute a quorum for <br />conducting business of the Committee. When a quorum is in attendance, action may <br />be taken by the majority of the Committee members present. <br />- 1 9 - <br />