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The Town of Gorham Revolving Loan Fund Committee shall be established for the purpose of providing oversight to the commercial loan programs of the Town of Gorham. These programs include the Revolving Loan Fund (RLF) funded by the Tax Increment Financing District approved by the Department of Economic and Community Development on January 6, 2004.
The RLF Committee shall have the authority to approve or reject loan applications, make major loan modifications and oversee loan foreclosure actions. The RLF Committee is also responsible for making recommendations to the RLF Loan Policy within the guidelines established by the respective funding agencies.
The Gorham Town Council will make all appointments to the Loan Committee. The Loan Committee shall consist of seven members, all of whom must reside in the Town of Gorham. Every effort shall be made to ensure that representation on the committee includes individuals from each of the following sectors: private lending institutions, the accounting profession, business owners and organizations that provide business services in the Town of Gorham.
Meetings of the RLF Committee will be held on an as-needed basis and will be scheduled by staff after consultation with Committee members. For voting purposes, a quorum shall consist of at least five members. Any committee member who misses at least three consecutive meetings will be asked to resign from the Committee unless extenuating circumstances exist.