HomeMy WebLinkAboutORD 87-92 i
ORDINANCE NO. 7- T-,;�,_
ENTITLED AN ORDINANCE ESTABLISHING A SMALL
BUSINESS REVOLVING LOAN FUND BOARD; PROVIDING
FOR ITS ADMINISTRATION; PROVIDING ITS DUTIES
AND RESPONSIBILITIES; PROVIDING FOR
SEVERABILITY AND PROVIDING FOR REPEAL.
BE IT ORDAINED BY THE CITY OF BEAUMONT:
Section 1 .
That the Code of Ordinances of the City of Beaumont be,
and the same is hereby, amended by adding a new Section 2-52 to
read as follows:
Section 2-52 : Small Business Revolving Loan Fund Board
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 ( 1 ) member from local
financial institutions, at least one (1 ) member from
the Small Business Assistance Center at the John Gray
Institute, 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. Of the initial
nine (9 ) members, four (4) shall be appointed for a
term of three (3) years and three (3) shall be
appointed for a term of two (2 ) years, thereafter, the
term of office of each board member shall be for two
(2 ) years or until a successor is appointed. 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 City Council concerning potential
improvements to the
structure and procedures of the program.
Section 2.
That if any section, subsection, sentence, clause or
phrase of this ordinance, or the application of same to a
particular set of persons or circumstances, should for any reason
be held to be invalid, such invalidity shall not affect the
remaining portions of this ordinance, and to such end the various
portions and provisions of this ordinance are declared to be
severable.
Section 3.
All ordinances or parts of ordinances in conflict
herewith are repealed to the extent of the conflict only.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1987.
Mayor -
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