There is hereby created the economic development loan administration board for the purposes as follows:
(a) 
The loan administration board (LAB) shall receive and review any and all applications and proposals for loans from the city revolving loan program from any applicant qualified under the rules and regulations approved therefor by the board of commissioners. The LAB shall select those proposals and authorize the city manager to execute any and all documentation for loans based on the criteria as set out in the rules adopted by the board of commissioners.
(b) 
The LAB may place any additional requirements on any of the applicants consistent with the rules adopted by the board of commissioners.
(c) 
The LAB shall be responsible for the selection, approval and final decision concerning loan applications.
(d) 
Should any member of the LAB be an owner, officer or employee of any business or financial institution having any direct interest in and to the business filing of the loan application, then such LAB member shall disclose such interest and not participate in the vote concerning such loan application.
(1966 Code, § 2-115)
(a) 
The economic development loan administration board (LAB) shall be composed of no more than seven members who shall be appointed and serve according to the provisions of sections 2-76 through 2-82.
(b) 
As soon as practical after appointment, the city manager will call an organizational meeting of the LAB and, thereafter, the LAB shall meet on an as-needed basis subject to call by the chairman of the LAB or the city manager.
(1966 Code, § 2-116)