(a) The Technology Equipment Revolving Loan Fund Committee:

1. (1) Shall meet at least once annually; and

2. (2) May meet more often as necessary if:

   1. (A) Meetings are called by the chairperson or by a majority of the committee; and
   2. (B) All members of the committee are notified of the time, date, and place of the meeting in advance.

(b) The committee shall meet to:

1. (1) Review individual loan applications over eight thousand dollars ($8,000); and
2. (2) Approve or deny such applications based upon information provided to or obtained by the committee.