OAR 123-017-0008: Delegation

(1) Authority for the day-to-day operation of the fund, including approval of loans and projects, and amendments thereto, is delegated to the Finance Committee. (2) The Commission shall review and evaluate the operation of the fund with such frequency as it may from time to time determine, and may order any changes that it considers necessary or desirable. (3) The Commission shall retain final authority over policies and administrative procedures governing the operation of the fund. (4) The Director or designee is authorized to execute any document reasonably necessary or convenient to close any loan approved by the Finance Committee or, in the case of loans of $250,000 or less, by the Director. (5) When applicable, the references to the Finance Committee shall include the Director, acting in regard to loans for business development projects of $250,000 or less pursuant to ORS 285B.080(3).