Main Street Revolving Loan Committee

C.     The committee shall:

               

(1)     elect a chair and such other officers as it deems necessary;

               

(2)     meet at the call of the chair but no less than four times per year;

               

(3)     by rule, establish eligibility criteria for properties and owners, establish procedures to govern the application outreach and marketing of the loan program and promulgate such other rules as are necessary to carry out the provisions of the Main Street Revolving Loan Act;

               

(4)     after considering the recommendations of the division, make awards of loans or loan subsidies; and

 

(5)     approve expenditures by the division for marketing, managing and administering the loan program.

               

D.     A member of the committee may participate in a meeting of the committee by means of a conference telephone or other similar communications equipment as provided in the Open Meetings Act [10-15-1.1 NMSA 1978].  Participation by conference telephone or other similar communications equipment shall constitute presence in person at a meeting.