5224 - 77 Form corp to admin Low Int Home Improve loan prog

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KESOLUTION NO. $22~ BY: Messrs. Magnotto, McBride, Salmon Usher, Brock=mn, Chinnock AN EMERGENCY KESOLUTION authorizing the Director of Law of the City of Lakewood to form a non-profit corporation to adm/mister Lakewood's Low Interest Home Improvement Loan Program and authorizfumg the Mayor of the City of Lakewood to appoint five (5) persons to serve as the tmitial Board of Trustees of said corporation. ~EREAS, the City of Lakewood has allocated a portion of its 1977 Community Development Block Grant funds for the creation ora Low In~erest Home Improvement Loan Program, and WHEREA~ This Council is of the opinion that it is necessary and proper to form a non-profit corporation to administer such a program that will advance, encourage and promote the residential rehabilitation and winterization of Lakewood's older housing stock, and WH~RF~, that this Re~olutton constitutes an emergency measure in that it provides for the ~m~,ediate preservation of the public safety and welfare and for the usual daily operation of a municipal department; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Director of Law be and he is hereby authorized to form a non-profit corporation pursuant to the Statutes of the State of Ohio. ~ Section 2o That the Mayor of the City of Lakewood be and he is hereby authorized te appoint five (5) persons who shall serve as the initial Board of Trustees of said corporation. Section 3. That this Resolution is hereby declared to be 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, it shall take effect and be in force ~mmediately upon its adoption and approval by the Mayor. Mayor