[Adopted 4-1-2021 by Ord. No. 21-059]
A.
Tipping Point Loan Review Committee. The Mayor will appoint and the
City Council confirm three members to sit on the committee that reviews
applications to participate in the Tipping Point loan program. The
City Council may remove members of the Board for cause by a two-thirds-vote
of the elected membership after notice and hearing. All committee
members shall be residents of the City of Augusta.
B.
Composition of the Committee. All members of the Committee shall
have a demonstrated interest, knowledge, or training in business finance,
accounting or related fields. Members are expected to come to the
Committee with varying expertise, and be able to make objective, unbiased,
and independent decisions.
C.
Terms of membership on the Committee. The terms of the three members
and subsequent appointees shall be for three years. All members shall
serve until their successors are duly appointed and qualified. Initial
terms for the first sanctioned committee shall be one member appointed
to a one-year term; one member appointed to two-year term and one
member appointed to a three-year term.
D.
Vacancies on the Board.
(1)
A vacancy shall occur upon the resignation, death, or removal by
the Council of any member. If a member fails to attend four consecutive
regular meetings or fails to attend at least 75% of all meetings during
any preceding twelve-month period, the Committee may recommend to
the Mayor that the member's position be declared vacant. Within 30
days of the Board's recommendation, the Mayor shall respond in writing
either declaring the position vacant or rejecting the recommendation.
(2)
When one or more vacancies occur, the Chairperson of the Committee
shall immediately notify the Mayor in writing. Within 60 days of receipt
of such notice, the Mayor shall appoint, and the City Council confirm,
such additional members as necessary for full membership of the Committee.
E.
Quorum.
(1)
The presence of two Committee members shall constitute a quorum.
All members are permitted to make and second motions; and all members
present, unless abstaining, may participate in the discussion and
deliberation. No meeting of the Board shall be held, or once begun,
shall be continued, without a quorum as established in this section.
The Board shall act by majority vote of the members present.
(a)
The Chairperson is an authorized voter.
F.
Meetings shall follow Robert's Rules of Order unless the Committee
chooses to establish its own bylaws.
G.
Duties and powers.
(1)
Review applications for the Tipping Point Loan Program to determine
program eligibility, generally held to be within the established program
boundaries and meeting financial terms and conditions established
by the Tipping Point Loan Program.
(2)
Once approved the Committee shall submit the program application
to a partner lending institution for independent underwriting.
(3)
Submit an annual report of the activities of the Committee to the
Augusta City Council.
