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A. A financial institution may appeal an action of the Mayor taken under FNSBC 7.16.100 through 7.16.120 to the Investment Advisory Committee only by filing a written notice of appeal, stating the reasons therefor, with the Mayor not more than 10 days following the date of the action appealed. The committee shall consider the matters presented by the financial institution, Borough records of the transaction and any other available information, and may, but is not required to, hold a hearing on the matter. If the committee finds that the financial institution has established by clear and convincing evidence that the action appealed violated the provisions of this chapter or the administrative procedures adopted hereunder, the committee shall grant the appeal. Otherwise the committee shall deny the appeal. Not more than 30 days following the date on which the financial institution files the appeal, the committee shall provide the financial institution with written notice of its decision on the appeal, stating the reasons for such decision. The Borough or the financial institution may appeal the decision of the Investment Advisory Committee to the superior court as provided by law. The Mayor shall adopt administrative procedures to implement this section.

B. The Mayor may investigate and consider informal complaints concerning Borough investments, but such complaints shall not constitute formal appeals and the complainant shall not be entitled to receive the remedies provided below.

C. The Mayor may suspend action with respect to any financial institution, or any Borough investment, including the investment which is the subject matter of an appeal, during the pendency of the appeal.

D. If a financial institution’s appeal of a decision not to add it, to remove it, or to add another financial institution to the qualified bidders list is granted, its sole remedy shall be inclusion of itself on the qualified bidders list, or removal of another financial institution from the list, as applicable. If a financial institution’s appeal regarding failure to consider its bid or failure to award the bid to such financial institution is granted, the financial institution’s sole remedy shall be payment by the Borough to the financial institution of the costs actually incurred by the financial institution in preparing its bid. (Ord. 87-069 § 4, 1988. 2004 Code § 3.04.120.)