74-78 Transfer funds for low int home improvement loan prog

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ORDINANCE ND. 74-78 BY: Sa 1 mon, Wend'] i ng, Brockman, Brown, Mqgnotto, McBride AN EMERGENCY ORDINANCE authorizing the Director of Finance to transfer the sum of $500,000 from the '1978 Community Development Block Grant Fund to the Community Development Corporation of Lakewood, Ohio for the purpose of administering and operating '8 Low fnterest Home Improvement Loan Program. WHEREAS, on the 23rd day of July, 1978 the U.S. Department of Housing and Urban Development officially approved the request of the City of Lakewood to establish a Low Interest Home Improvement Loan Program and also authorized funds in the amount of $500,000 to carry out such program, and WHEREAS, this Council did, pursuant to Reso1ution 5224 adopted May 2, 1977, authorize the formation of a non-profit corporation to administer a Low Interest Home Improvement Loan Program to advance, encourage and promote the residential rehabflitation of Lakewood's older housing stock, and WHEREAS, such non-profit corporation, known as the Community Development Corporat ion of Lakewood, Ohi'o_,was dul y formed on the 18th day öf May, 1977, and WHEREAS, the Council of the City of lakewood appropriated the sum of $500,000 from the 1978 Community Development Block Grant Funds to carry out the Low Interest Home Improvement Loan Program, and WHEREAS, it is necessary for the continued day to day operation of the Low Interest Home Improvement Loan Program to have the funds transferred to the Community DeveloPment Corporation of Lakewöod, Ohio, and WHEREAS, this Ordinance constitutes an emergency measure provïding for the immediate preservation of the public health, safety and welfare and for the usual daily operation of a muncipal department and for the reasons that the low Interest Home Improvement loan Program can be continued without delay; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWDOD, STATE OF DHIO: Section 1. That the Council of the City of Lakewood_does hereby approve the concept, organizati'on and administrative guidelines of the Community Development Corporation of Lakewood, Ohio as the vehi.cle through which the Low Interest Home Improvement Loan Program can be continued. Section 2. That the Director of Finance be and he is hereby authorized to transfer the sum of Ftve Hundred Thousand Dollars ($500,-000) from the 1978 Community Development Block Grant Fund to the Communi'ty Development Corporation of Lakewood, Ohio for the purpose of admini,stering and operating the Low Interest Home Improvement Loan Program. Section 3. That this Ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the aff i rmative vote of two-th i rds of all members elected to Counci 1, it sha 11 take effect and be in force immediately upon its adoption andapprova1 by the Mayor; otherwise it shall take effect and be in force from and after the earl ¡est period al lowed by law. AdoPted~rA# /o,/1Î1fl APprovedar/()¡/f1!