5.110.030 Program administration.
(a) The Chief Financial Officer is:
(1) Responsible for the loan program; and
(2) Delegated the authority to administer the loan program in accordance with this chapter; and
(3) Authorized to select an entity to administer the loans; and
(4) Authorized to incorporate other program terms as determined necessary by the Chief Financial Officer.
(b) An administrator may administer the loan program and the loan fund, in accordance with a memorandum of understanding, that will stipulate the terms of the loan agreement including:
(1) Commission transfer of annual $100,000 to designee as the source of the loan fund;
(2) Investment guidelines for the loan fund;
(3) Loan credit criteria;
(4) Loan terms;
(5) Loan billing process;
(6) Delinquent loan collection process;
(7) Lien requirements;
(8) Monthly reporting of loan program activity, including loans made to and payments received from each borrower and any delinquent loan information; and
(9) Annual reconciliation and payment to Commission of funds remaining in the loan fund as of June 30th.
(c) Administrative fees for the loan program may be set by the Commission. (Res. 2019-2218)