Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section fifty-three E> of chapter forty-four of the General Laws or any other general or special law to the contrary, the town of Plymouth is hereby authorized to establish in the town treasury a special revolving account to be known as the Plymouth Business Investment Fund into which account shall be deposited certain receipts which shall result from the repayment of loan funds provided initially to businesses located within said town under the business loan program.
Such funds may originate from a number of sources, including those appropriated by a majority vote of town meeting, those received from state or federal community or economic development grant programs, gifts received by said town for the purpose of making loans to local businesses, or other funds received by said town from the state or federal government that are designated for use in business loan programs.
SECTION 2. There is hereby established in the town of Plymouth a Plymouth business investment fund review board consisting of not less than five members nor more than nine members to be appointed by the board of selectmen as follows: one member shall be nominated by the Plymouth development and industrial commission, one member shall be nominated by the program participating banks, one member shall be nominated by the local business community, one member shall represent the local low and moderate income population and one member shall represent the community at large.
In the event the Plymouth development and industrial commission, having nominating privileges, ceases to exist or operate, the board of selectmen may appoint in place of such nominee an individual qualified to serve on said review board as an appointee-at-large. Said board of selectmen shall fill any vacancies on said review board in a like manner.
All terms of appointment shall be for not more than three years. Any member can seek reappointment with no limit on the number of terms allowed.
SECTION 3. The Plymouth business investment fund review board shall oversee the use of program funds, shall review all qualified applications for potential loan funding and shall decide rate, terms and amount of loan award for such portion of the loan using public monies that are held in subject revolving fund.
The Plymouth Business Investment Fund created as a local loan program intended to stimulate business growth amongst the small and micro business sector. All loans are to be made in concert with a participating bank, a portion of the total to be funded through said investment fund and, the balance thereon to be made by private lenders.
SECTION 4. Upon approval of the review board and after the subject applicants have met the criteria for loan award, the office of economic development or its successor, with the approval of the town manager, shall be authorized to expend from said revolving fund for uses authorized.
SECTION 5. All monies received by the town of Plymouth as a result of repayment of town-funded loans, including grant funds, with the approval of the granting authority, shall be deposited in said revolving fund. All funds deposited in said account shall be subject to a regular schedule of audits to be conducted by the Plymouth department of finance of said town and any firms charged with the responsibility of auditing said account by said town, the board of selectmen, and state or federal agencies.
SECTION 6. This act shall take effect as of July first, nineteen hundred and ninety-six.
SECTION 7. This act shall take effect upon its passage.