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613 <br />LEE COUNTY NORTH CAROLINA BOARD OF COMMISSIONERS <br />ECONOMIC DEVELOPMENT <br />REVOLVING LOAN FUND (RLF) PROGRAM <br />The Board of Commissioners of Lee County hereby establishes a Revolving Loan Fund Program <br />(RLF) by virtue of North Carolina General Statute G.S. 158 -7.1, which permits the County to <br />undertake economic development activities including programs concerned with employment and <br />economic development. <br />A loan committee is hereby established to review loan applications, to rate them according to <br />procedures herein, to determine whether loan applications are appropriate for the program, to <br />determine credit worthiness of the borrower, and to evaluate the economic feasibility of applicant <br />projects. The Loan Committee shall be empowered to negotiate terms with applicants, but final <br />authority for setting terms and approving loans shall rest with the Board of Commissioners. <br />The Loan Committee shall consist of the CEO of the Sanford/Lee County Partnership for <br />Prosperity, the County Manager, the County Attorney, and the Assistant County <br />Manager/Finance Director. In addition, one local bank manager shall be appointed by the above <br />listed persons. <br />Section 1— Purpose: <br />The purposes of the Revolving Loan Fund are as follows: <br />A. To enable or promote the creation of new job opportunities and the retention of existing <br />jobs; <br />B. To further new business development and /or existing business expansion within the <br />County, and <br />C. To enable private business development to occur within the County that would not occur <br />without loan assistance from the Revolving Loan Fund Program. <br />Section 2 — RLF Revenues: <br />The RLF shall be funded solely from: <br />(a) The repayment of a loan to Frontier Spinning Mills. The original funds for this loan were <br />provided by a grant from the Golden Leaf Foundation dated March 21, 2011. <br />(b) Principal and interest payments from loans made through this program. <br />(c) Interest earned on unspent RLF money. No loan may be made without sufficient <br />RLF funds existing in the RLF account. <br />(d) Other grants funds so designated by the Board of Commissioners. <br />2 <br />