OAR 123-001-0520: Finance Committee for the Commission

The Finance Committee is an Ad Hoc Committee that has been formed and empowered by the Commission in accordance with ORS 285A.060 such that: (1) The Commission charges the Finance Committee (pursuant to divisions of this chapter of administrative rules) with the following: (a) Immediate oversight and the approval of projects and proposals under the following business finance programs: (A) Economic Development Revenue Bonds (division 011); (B) Oregon Business Development Fund (division 017); and, (C) Beginning and Expanding Farmer Loan Program (division 052); (b) Consideration on appeal of administrative denials of business loans under the following programs: (A) Entrepreneurial Development Loan Fund (division 019); and (B) Credit Enhancement Fund (division 021); (C) Capital Access Program (division 018); and, (D) Small Business Expansion Loan Fund aka Oregon Royalty Fund (division 092) (2) The Finance Committee’s members: (a) Are appointed by the chair of the Commission to include representation from among this state’s banking and financial community, as well as at least one member possessing general experience with a traded-sector industry or industry association; and (b) Serve indefinite terms at the pleasure of the Commission’s chair, such that a newly appointed Commission chair assumes the makeup and organization of the current Finance Committee until the Commission chair initiates changes. (3) The Commission’s chair shall select a chairperson for the Finance Committee, such that: (a) The chairperson shall call meetings and set agendas for the Finance Committee with the assistance of Department staff; and (b) A member chosen by the chairperson (or otherwise, the longest-serving member present) shall preside over a Finance Committee meeting at which the chairperson is absent. (4) The supervisor of the Department’s business finance programs shall administer the operations of the Finance Committee, officially carry out its decisions, prepare business for its consideration with the chairperson’s consent, and serve as an ex officio member on behalf of the Director. (5) Nothing in this rule, or elsewhere in this chapter of administrative rules, interferes with the Commission’s authority to dissolve the Finance Committee or to redirect its future procedures and purposes.