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'la <br /> ORANGE COUNTY <br /> rmmol ROW <br /> P R E S E R V A T 10 N-P 110 G R E S S-P E O P LE <br /> Memorandum To: John Link <br /> From: Ted Abernathy <br /> Date: August 27, 1997 <br /> Subject: Orange County Loan Pool <br /> Attached is a new loan pool abstract and revised"Operating Policies and Procedures". In <br /> addition to specific changes to the program, the Commissioners asked several questions. I am <br /> providing the answers through this letter. Several suggestions, made since the meeting, are <br /> provided here to be discussed at the September 2 BOCC meeting. <br /> Question: Who is the"loan pool task force" referenced on page 7 of the Operating Policies <br /> and Procedures? <br /> Answer: There was never an appointed group that was given that name; but, the bankers <br /> and staff involved used the name for identification during the process. The first <br /> meeting to discuss the possibility of a loan pool was held November 1, 1994, and <br /> included Moses Carey, John Link, Denise Corey(NationsBank), Jim Carter <br /> (CCB), Karen Raleigh(First Union), and myself. Bankers from Wachovia, First <br /> Citizens, BB & T, UCB, Village Bank(now Triangle Bank), and Centura, as well <br /> as staff members from the SBTDC and the EDC, attended subsequent meetings. <br /> In some cases, the County Attorney also attended. <br /> Question: What is the Loan Committee and what will be its role? <br /> Answer: The specific responsibilities of the Loan Committee are detailed on page 8 of the <br /> operating policies. Simply, the Loan Committee would be charged with making <br /> loans and providing direction to any third-party contractor to insure servicing and <br /> collection. <br /> Question: What does"irrevocably committed" mean as it relates to Orange County's funding <br /> of the loan loss reserve? <br /> ORANGE COUNTY ECONOMIC DEVELOPMENT COMMISSION <br /> POST OFFICE BOX 1177 • HILLSBOROUGH,NORTH CAROLINA 27278 <br /> (919)732-8181 (919)968-4501 (919)688-7331 (919)227-2031 FAX(919)644-3008 <br />