Chapter 4.96
ROAD SERVICE REVOLVING LOAN FUND BOARD

Sections:

4.96.010    Board established.

4.96.020    Term of office.

4.96.030    Qualifications.

4.96.040    Responsibilities.

4.96.050    Meetings.

4.96.060    Conflicts of interest.

4.96.010 Board established.

There is established the road service revolving loan fund board. The purpose of the board is to assist in the administration of the road service revolving fund and to process and recommend for approval loan applications from road service areas. The board shall also be governed by Chapters 4.04 and 6.28 FNSBC except as provided in this chapter. The board shall be composed of five board members and two alternates appointed by the mayor and confirmed by assembly. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.010.)

4.96.020 Term of office.

Members of the board shall serve a term of three years or until a successor is appointed and qualified. Initial appointments shall be for one member and one alternate for one year, two members for two years and two members and one alternate for three years. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.020.)

4.96.030 Qualifications.

Board members shall be residents of the borough. Members should be appointed on the basis of their expertise in banking and loans, finance, construction and engineering, and other fields relevant to the road service revolving loan fund. No member may be a commissioner of any road service area within the borough at the time of his or her appointment, during the preceding six months before appointment or during his or her term on the board or have any other material financial conflict. At least one member of the board will not reside within a borough road service area. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.030.)

4.96.040 Responsibilities.

Members of the board shall:

A. Draft and modify or update, as necessary, a loan application form for loans from the road service revolving loan fund (loan fund) pursuant to FNSBC 14.04.210;

B. Consider, evaluate, modify, approve or deny, and prioritize applications for such loans; and receive administration recommendations;

C. Forward the recommendations of the board for any loans from the loan fund to the borough mayor for approval by the borough assembly; and

D. Monitor the progress of the loan fund and make an annual report, in conjunction with the chief financial officer, through the mayor to the assembly of the loan fund’s activity, balance and loan repayments; and

E. May make recommendations through the mayor to the borough assembly for additional appropriations to the loan fund. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.040.)

4.96.050 Meetings.

A. The board shall meet at least once per year if there is money available in the loan fund to lend;

B. A quorum of the board shall consist of five members;

C. Alternates, when not needed to fill a temporary vacancy of a regular board member, may act as ex-officio members of the board and are encouraged to attend the meetings and may participate in discussions and debate but may not vote; and

D. The board shall adopt written rules and procedures, subject to the requirements of state law for open meetings, and in conformity with FNSBC 14.04.210. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.050.)

4.96.060 Conflicts of interest.

It shall be a conflict of interest if a board member is a resident of a road service area that has applied for a loan. When such a conflict arises, the board member shall not participate in processing the relevant road service area’s loan application and an alternate shall score and vote on that application. (Ord. 2003-55 § 3, 2003. 2004 Code § 2.95.060.)