82-88 Deposit CDBG grant funds - Laserfiche WebLink

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Placed On FIRST Reading As Amended on 10-17-88. Placed on Second Reading on 11-7~88.~:, ~ ORDINANCE NO. 82~88 BY: Brown, Chinnock, Gallagher, Gazzana, George, Graham, Wendling AN EMERGENCY ORDINANCE authorizing and directing the Mayor, on behalf of the City of Lakewood and the Community Development Corporation of Lakewood, by its Chairman, to enter into a contract for a lump sum agreement with First National Bank of Ohio for the deposit and accumulation of interest of Community Development Block Grant Funds from the United States Department of Housing and Urban Development. WHEREAS, this ordinance constitutes an emergency measure providing for the immediate preservation of the public health, safety and welfare, and the usual daily operation of a municipal agency, and WHEREAS, it is in the interest of the City to structure receipt of Community Development Block Grant Funds in such a manner as to maximize the number of loans available to eligible citizens, minimize the risk to the City for non-payment of loans, and to accumulate interest on funds deposited, all in accordance with HUD guidelines; and WHEREAS, for the' reasons discussed above and in accordance with regulations of the Department of Housing and Urban Development of the Federal government, this Council has determined that it is in the best interest of the taxpayers and residents of Lakewood that the City and the Community Development Corporation enter into a contract with First National Bank of Ohio on the terms and conditions provided in a contact between those parties in substantially the form now on file with the Clerk of Council, with such changes as may be made in accordance with this ordinance and requirements of the Department of Housing and Urban Development; now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHI0: Section 1. That this Council finds and determines that a lump sum agreement for the deposit of Community Development Corporation Community Development Block Grant Funds from the United States Department of Housing and Urban Development will be in the interest of the citizens of Lakewood and shall enable the Community Development Corporation to make more effective use of such funds. Section 2. That the Mayor, on behalf of the City of Lakewood, and the Chairman of the Community Development Corporation, on behalf of the Corporation, are hereby authorized .and directed to enter into a contract with First National Bank of Ohio, having a branch in Lakewood, substantially in the form attached hereto and on file with the Clerk of Council. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements.