COMMITTEE FACT SHEET
NAME: INDUSTRIAL REVOLVING FUND BOARD OF DIRECTORS
COMPENSATION: None; however, Directors are reimbursed for actual cost required in attending meetings.
LEGAL AUTHORITY: Board Order B-77-2054 dated 10/18/77; Board Order B-77-2067 dated 10/19/77(Board of Equalization); Board Order B-77-2016 dated 10/14/77; Board Order B-88-34 dated 1/5/88 & Board Order B-90-254 dated 2/13/90.
MEMBERSHIP, QUALIFICATIONS, & RESIDENCY REQUIREMENTS: 7 Members - 1 from each Supervisorial District & 2 members appointed as At-Large Representatives. To demonstrate experience in the investing, handling, & management of substantial sums of money, more particularly the lending and/or granting of the same. A working knowledge of corporate matters; a working knowledge of financing matters & debt security matters; & the standard knowledge required of one who is involved in the investing of money, lending of the same, & the making of grants. Directors must be residents of San Joaquin County. Composition should be representative of the community’s population from both the public & private sectors & members with financing experience. Ideally the composition should include, based upon the County’s population, 4 Caucasian & 3 Minority Representatives of which 4 should be Females, & 3 should be Males.
TERM: The term of appointment for the 5 Directors appointed to represent the Supervisorial Districts will be identical to that of the Supervisor for that District. The 2 At-Large Directors shall be appointed to 2-Year Terms.
DUTIES: To direct the lending and/or granting of funds held by the Bank of Stockton as Trustee for the Industrial Revolving Fund Trust of San San Joaquin County. In addition thereto, said Board of Directors will also have authority to direct investment of funds held by the Trustee as well as to direct any documentation which they deem necessary regarding the lending, granting, & investment of Trust Funds.
MEETING DATE & LOCATION: 2nd Wednesday of each month at 2:00 p.m. at the EEDD Offices.
CONTACT PERSON:
JULY, 1997