There is hereby established for the City of Hagerstown an authority
known and designated as the "Hagerstown Loan Review Authority," hereinafter
referred to for the purposes of this article as the "Authority." The
Authority shall be considered the successor to the Hagerstown Redevelopment
Authority ("HRA").
The Mayor shall appoint, with the consent of the Council, five
members and one alternate to serve on the Authority for terms not
to exceed three years each, or until a successor is duly appointed.
The members and alternate serving on the HRA upon the effective date
of the Authority shall continue to serve out their respective terms
as members of the Authority.
[Added 9-28-2021 by Ord. No. O-21-14]
The Board shall be comprised of persons with knowledge and experience
in fields such as banking, lending, accounting, or financial management.