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Section 4. That Section 111.02 of the Administrative Code of the Coditied <br />Ordinances of the City of Lakewood shall not apply to loan agreements entered into by the <br />Loan Approval Board of the DCD <br /> <br /> Section 5. That any and all program income generated by Lakewood's Low <br />Interest Loan programs and other rehabilitation and development programs shall, subject <br />to future HUD regulations, remain committed to reuse for such respective programs. In <br />addition, the DCD shall annually seek and apply for its necessary portion of the City's <br />CDBG allocation within HUD's Consolidated Plan process in order to assure the future <br />availability of sufficient funding for Lakewood's Low Interest Loan Programs and other <br />rehabilitation development programs. <br /> <br /> Section 6. It is found and determined that all formal actions of this Council <br />concerning and relating to the passage of this ordinance were adopted in an open meeting <br />of this Council, and that all such deliberations of this Council and any of its committees <br />that~resulted in such formal actions, were in meetings open to the public, in compliance <br />with all legal requirements. <br /> <br /> Section 7. That this ordinance is hereby declared to be an emergency measure for <br />the reasons stated in the preamble hereof and provided it receives an affirmative vote of <br />two thirds of all members elected to Council, it shall take effect and be in force <br />immediately upon its adoption and approval by the Mayor;, otherwise, shall take effect and <br />be in force after the earliest period allowed by law. <br /> <br />Appr°ved: ~~ ~l/~5'g' <br /> <br />President <br /> <br /> <br />