A. The Board has the power to approve
investments to qualifying small businesses from the Program Funds. The Board
may not delegate the final authority to approve investments, but once having
authorized a potential investment from the Program Funds within designated
parameters approved by it, the Board may delegate to a subcommittee of the
Board the authority to negotiate and agree to terms of the investment within
those designated parameters.
Board may delegate to one or more subcommittees the authority to review
applications. The subcommittee may be given the authority to deny applications
for investments. The Board may determine in advance that such a denial will be
final agency action, not subject to appeal to the full Board.
C. The Board may create such other
subcommittees as it may deem necessary for the administration of the Board's
D. The Board may enter
into administrative contracts with one or more individuals or entities to
perform the administrative functions necessary to the efficient conduct of the
program and the administration of the Program Funds. Without limitation,
services contracted for may include development of rules, procedures,
documentation, financial reporting, publicity, analysis and recommendations
with respect to applications received. The contracts may provide compensation
for services rendered and reasonable expenses.