There is hereby created a small business revolving loan fund
board composed of nine (9) members who are resident citizens and voters
of the city. The board shall consist of at least one member from local
financial institutions, at least one member from the entrepreneurial
studies program at Lamar University, two (2) members from small and
minority business or community organizations, two (2) members from
the citizens advisory committee of the community development block
grant program, the city finance officer, and two (2) members at large.
The terms shall be for two (2) years, expiring on September 30 of
the odd-numbered years. The board shall elect from its membership
officers and committee chairs, as necessary. The board’s duties,
among others, shall be to review requests for small business revolving
loans and to approve loan packages under the program. The board shall
report to the city council as requested concerning the effectiveness
of the program and advise the city council concerning potential improvements
to the structure and procedures of the program. The city manager is
hereby authorized to take all necessary action including litigation
to collect delinquent accounts resulting from loans made from the
small business revolving loan fund.
(Ordinance 87-92, sec. 1, adopted 12/8/87; Ordinance 91-23, sec. 1, adopted 3/5/91; 1978
Code, sec. 2-52; Ordinance 07-010, sec. 12, adopted 2/6/07; Ordinance 15-049, sec. 5, adopted 11/10/15)
