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16 <br /> 1 Loan Board are recommending the eventual dissolution of the nonprofit SBL and transferring all <br /> 2 funds and the financial administration of the program to County's books and existing policies <br /> 3 and procedures. The rationale is that the County's financial administration will provide <br /> 4 enhanced system controls through a better financial ledger and software infrastructure, <br /> 5 redundancy and systems support than the current SBL financial subsidiary ledger. <br /> 6 <br /> 7 Key historical milestones for the SBL Program nonprofit are as follows: <br /> 8 <br /> 9 October 6, 1998 BOCC Meeting <br /> 10 Operating Policies and Procedures document was approved by BOCC. <br /> 11 <br /> 12 September 1999 - Articles of Incorporation for the Orange County Small Business Loan <br /> 13 Program Company were issued by the N.C. Secretary of State. <br /> 14 <br /> 15 March 21, 2000 BOCC Meeting <br /> 16 The BOCC approved a Loan Program resolution which included a nine-member Board of <br /> 17 Directors comprised of three county officials (County Finance Director, County Manager, and <br /> 18 Economic Development Director) and six bank representatives. <br /> 19 <br /> 20 March 13, 2007 BOCC Meeting <br /> 21 Economic Development staff presented recommendations to reorganize and provide capital to <br /> 22 the Loan Program. The Economic Development Commission Advisory Board and SBL Board <br /> 23 endorsed the recommended changes including $150,000 to the SBL to establish a revolving <br /> 24 loan fund which was approved the BOCC. <br /> 25 <br /> 26 November 5, 2007 BOCC Meeting <br /> 27 Economic Development staff presented revised Bylaws and requested a Resolution which was <br /> 28 approved by the BOCC. <br /> 29 <br /> 30 January 15, 2008 BOCC Meeting <br /> 31 The Board approved changes to the SBL Bylaws to modify the Board of Directors to the current <br /> 32 composition: <br /> 33 • 1 BOCC Member <br /> 34 • 2 Small Business Owners <br /> 35 • 2 Local Commercial Bankers <br /> 36 • 1 Economic Development Commission <br /> 37 • Orange County Economic Development Director <br /> 38 • Orange County Finance Director <br /> 39 <br /> 40 2010 — Former County Manager Frank Clifton directed $200,000 from the Orange <br /> 41 County/Chapel Hill Visitors Bureau's Fund Balance to the SBL program. <br /> 42 November 2011 — The one quarter cent sales tax referendum (Article 46) was approved by <br /> 43 Orange County voters in November 2011, providing the SBL Loan program $200,000 annually <br /> 44 in additional lending capital. <br /> 45 <br /> 46 January 2016 — The Department of Economic Development's active marketing of the SBL <br /> 47 program resulted in the use of assigned Article 46 fund balance to supplement the original <br /> 48 seeded funds to issue Small Business loans. <br /> 49 <br />