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12 <br /> 1 1) Individual Loans Not to Exceed $100,000 and subject to available Revolving Loan <br /> 2 Balances <br /> 3 2) Loan Program amount capped at $500,000; no minimum amount stipulation for a <br /> 4 nonprofit <br /> 5 3) BOCC approved loan agreement; recourse, default and nonprofit bylaw dissolution <br /> 6 provisions <br /> 7 4) Loans secured by Deed of Trust <br /> 8 5) Revolving loan structure to recapitalize County funding source <br /> 9 6) Five to ten year maturities at no interest; maturity term contingent on loan amount; and <br /> 10 monthly repayments <br /> 11 7) Nonprofits make formal written request to County Manager by November each year to <br /> 12 coincide with Outside Agency Process and Timeline <br /> 13 <br /> 14 Proposed Nonprofit Loan Eligibility Criteria <br /> 15 1) Current Outside Agency recipient with three-year average score of at least 85% <br /> 16 2 Clean Audit opinion <br /> 17 3 Three years Audited Financial Statements to complete Nonprofit Financial Capacity <br /> 18 Review <br /> 19 4 IFC Outside Agency three-year average score of 86.6% and meets proposed loan <br /> 20 eligibility requirements <br /> 21 <br /> 22 Nonprofit Financial Capacity Review (table) <br /> 23 <br /> 24 IFC Nonprofit Financial Capacity Review (graph) <br /> 25 <br /> 26 Outside Agency Timeline and Process (table) <br /> 27 <br /> 28 Questions/Next Steps <br /> 29 <br /> 30 Commissioner Marcoplos referred to the revolving loan, and asked if could be further <br /> 31 explained. <br /> 32 Gary Donaldson said as they go through a three year budget cycle, staff would come <br /> 33 back to the Board in the ensuing year's budget and recommend that it be repurposed. He said <br /> 34 if the Board wished to keep it in the loan fund, staff would do so. <br /> 35 Commissioner Marcoplos said they could keep it all, or use some. <br /> 36 Gary Donaldson said yes. <br /> 37 Commissioner Price offered a hypothetical: 5 nonprofits could use the all the funds, and <br /> 38 leave none for residents. <br /> 39 Gary Donaldson said yes, non-profits could use all the funds, but in a community loan <br /> 40 fund there is an existing loan structure for residents that is separate. He said the $500,000 <br /> 41 would be over and above this. <br /> 42 Commissioner Price said there are some water and sewer projects nearing completion <br /> 43 in Orange County, and asked if he anticipates the residents needing loans for hook ups. <br /> 44 Gary Donaldson said that is why staff did a budget amendment of$200,000 in June for <br /> 45 requests like this. <br /> 46 Commissioner Price said it is her opinion that the County should serve the residents no <br /> 47 matter where they live, even if the Towns decline to contribute. <br /> 48 Commissioner Jacobs said he appreciated this, and finds it to be a doable solution. He <br /> 49 asked if it is known who will generate the audit opinion. <br />