27-99 Linked Deposit Program - Laserfiche WebLink

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Placed on 1st Reading and referred to Committee of the Whole 6/7/99. ORD~ANCENO. 27-99 BY: Corrigan, FitzGerald, George, Roth, Seelie, Skindell, Smith AN EMERGENCY ORDINANCE authorizing the Mayor of the City of Lakewood, Ohio to enter into an agreement for a linked deposit loan program and related matters. WHEREAS, pursuant to Ohio Revised Code Section 135.80, the Cuyahoga County Treasurer (the "Treasurer"), on behalf of Cuyahoga County, Ohio, has established a linked deposit low-interest loan program (the "County Treasurer's Linked Deposit Program") with local lending institutions for the purpose of enhancing and improving the property values of participating, member cities of the First Suburbs Consortium (the "Consortium"); WHEREAS, the City is a member of the Consortium and wishes to participate in the County Treasurer's Linked Deposit Program; WHEREAS, through the County Treasurer's Linked Deposit Program, qualified financial institutions will provide low-interest rate loans to eligible borrowers for certain property repairs and improvements (individually, a "Linked Deposit Loan"); WH£REAS, in order for property owners in the City to be eligible to participate in the County Treasurer's Linked Deposit Program, the City must execute a Cuyahoga County Treasurer's Linked Deposit Program Agreement (the "Loan Agreement") with the Treasurer, whereby the City agrees to perform program monitoring for Linked Deposit Loans made to property owners within the City; WHEREAS, Council desires to proceed with the County Treasurer's Linked Deposit Program in the interest of furthering higher property values and making low-interest loans available to property holders within the City; and WHEREAS, this Ordinance constitutes an emergency measure providing for the immediate preservation of the public peace, property, health, safety, and welfare; now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO Section 1. That the Mayor be and is further authorized to emer into the County Treasurer's Linked Deposit Program Loan Agreement, whereby the City agrees, among other things, to perform program monitoring for the property owners of the City that receive a Linked Deposit Loan; said agreement to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest. Section 2. It is found and determined that all formal actions of this Council concerning and relating to the passage of this Ordinance were taken 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. Section 3. That this Ordinance is hereby declared an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmatiVe vote of two-thirds of all members elected to Council. this Ordinance shall take effect and be in force immediately upon its passage by Council and approval by the Mayor; otherwise it shall take effect and be in force after the earliest period allowed by law. Adopted: ~ Approved: