Resolution No. 32-2017 - Amended Industrial Revolving Fund Plan

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The IR-F Board will be responsible for approving loans, all major loan modifications and waivers, loan foreclosure actions, loan policy and IRF Plan revisions. 2.4.Membership terms It is not required to call for regular reappointment or reelection of officers except for the representative of the minority community. The term for an elected member of the IRF Board shall be (3) three years or until another person is elected for the position 2.5.Quorum requirements For meetings or decisions involving loans, 50% of the Board members must be present to constitute a quorum, and at least one member present must have financing experience similar to the types of loans made by the IRF or have long service on the IRF Board which can qualify for such experience. For meetings or decisions not involving loans, 50% of the Board members must be present to constitute a quorum. 2.6.Technological Expertise To assist with the review of high tech loan projects the IRF Board will seek advice and comment from experts in the respective field of technology. Such fields include nanotechnology, mechanics, aerospace, metallurgy, chemistry and life sciences. One or more technical experts may be called upon. The experts are expected to come from the many educational institutions found locally including but not limited to Notre Dame, Indiana University at South Bend, Purdue University Extension, St. Mary's College, Bethel College and Ivy Tech Community College as well as businesses, non -profits and individuals from the private sector. As necessary, experts from outside the local area may be recruited. Any remuneration paid to the experts will be included as part of the closing costs for the loan. If the loan is not made the cost will be absorbed as an administrative expense by the IRF. The IRF Board will ensure that the procurement of such services comports with federal procedures and regulations. 3. Conflict of Interest Situations The IRF Board will follow the prohibitions on direct or indirect financial and personal benefits as contained in current EDA regulations (13 CFR, §302.17). Each Board member will sign a No Conflict of Interest Policy that is in compliance with the EDA regulations, From time to time, the Board will review EDA's regulations with its legal advisor to assure compliance and to update the Board on any changes. 25