2. FCCEDC Growth Initiative Fnd - Laserfiche WebLink

Section 2. LOAN PROCEDURES. The procedures applicable to business of the Corporation shall be as follows: a) All financial program applications will be submitted directly by the applicant to F-CCEDC. b) The Corporation shall: 1) Control and administer financial programs, as stated in Exhibit "B" 'Financial Programs of Growth Initiative Fund', in Cass County, Fargo, and West Fargo. 2) Review financial program applications for consideration as submitted directly by F-CCEDC. 3) Make and approve loans. 4) Receive all repayments of the loans. 5) Account for all borrowers' loans. c) Loan Pool funds shall be accounted for separately from F-CCEDC funds. Section 3. FUNDING. It is the intent that the funds contributed by the governmental entities will constitute a perpetual revolving fund for financial programs. All funds contributed by the governmental entities to the Corporation shall be used exclusively for financial programs and expenses to third parties such as professional services and insurance premiums. No reimbursement shall be paid to F-CCEDC for staffing or other administrative services with funds contributed by the governmental entities. Any funds to compensate F-CCEDC and reimburse F- CCEDC its out-of-pocket costs shall come from funds contributed to the Corporation by parties other than the governmental entities. Section 4. REPAYMENT OF LOANS. All repayments of the loans currently existing or made in the future will be placed in the Loan Pool. Section 5. REPORTS AND NOTIFICATIONS. The Corporation shall give the governmental entities notice of any regular or special meeting of the Board of Directors, and any amendments to the Bylaws or Appendixes. The Corporation shall provide the governmental entities an Annual Report and the annual Audit Report. The Corporation shall promptly notify the appropriate governmental entity of each loan approval. The notification to Fargo and West Fargo shall be to its Mayor and the notification to Cass County shall be to the Chairman of the County commission. In addition, each governmental entity may designate additional persons to receive these notifications. The governmental entities shall have the right at any reasonable time to inspect the books and records of the Corporation relating to the Loan Pool. The Corporation will furnish minutes to governmental entities on request of any meeting at which the Corporation takes any action on any loan. ARTICLE VIII. Indemnification The Corporation shall indemnify to the fullest extent authorized or permitted by law ( as now or hereafter in effect), any officer or director made or threatened to be made a party to or witness in any threatened, pending or completed civil, criminal, administrative, arbitration or investigative proceeding, including a proceeding by or in the right of the Corporation by reason of the fact that such officer of director is or was a director or officer of the Corporation, or by reason of the fact that such director or officer while a director or officer of the Corporation is or was serving at the request of the Corporation, or whose duties as a director or officer involve or involved service as a director, officer, partner, trustee or agent of another organization, against all judgments, penalties, fines, settlements and reasonable expenses, including attorneys' fees and