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ORDINANCE NO. <br /> <br />64-79 BY: <br /> <br />Chinnock, McNally, Salmon, <br />Wendling, Brockman, Brown <br /> <br /> AN EMERGENCY ORDINANCE authorizing the Director of <br />Finance to transfer the sum of $ 50,000 from the 1979 Community <br />Development Block Grant Fund to the Community Developmen~ Corpora- <br />tion of Lakewood, Ohio for the purpose of administering and operating <br />a Low Interest Home Improvement Loan Program. <br /> <br /> WHEREAS, on the let of August, 19'79 the U.S. Department <br />of Housing and Urban Developmen~ officially approved the request of <br />the City of Lakewood to establish a Low Interest Home Improvement <br />Loan Program and also authorized funds'in the amount of $400,000 <br />to carry out such program, and <br /> <br /> WHEREAS, this Council did, pursuant to Resolution 5224 <br />adopted May 2, 1977, authorize the formation of a non-profit corpora- <br />tion to administer a Low Interest Home Improvement Loan Program to <br />advance, encourage and promote the residential rehabilitation of <br />Lakewood's older housing stock, and <br /> <br /> WHEREAS, such non-profit corporation, known as the <br />Community Development Corporation of Lakewood, Ohio, was duly formed <br />on the 18th day of May, 1977, and <br /> <br /> WHEREAS, the Council of the City of Lakewood appropriated <br />the sum of $400,000 from .the 1979 Community Development Block Grant <br />Funds to carry out the Low Interest Home Improvement Loan Program, and <br /> <br /> WHEREAS, it is necessary for the continued day to day <br />operation of the Low Interest Home Improvement Loan Program to have <br />the funds transferred to the Community Development Corporation of <br />Lakewood, Ohio, and <br /> <br /> WHEREAS, this Ordinance constitutes an emergency measure <br />providing for the immediate preservation of the public health, <br />safety and welfare and for the usual, daily operation of a municipal <br />department and for the reasons that the Low Interest Home Improve- <br />ment Loan Program can be continued without delay; now, therefore, <br /> <br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, <br />STATE OF OHIO: <br /> <br /> Section 1. That the Council of the City of Lakewood <br />does hereby approve the concept, organization'-and administrative <br />guidelines of the Community Development Corporation of Lakewood, <br />Ohio as the vehicle through which the Low Interest Home Improvement <br />Loan Program can be continued. <br /> <br /> Section 2. That the Director of Finance be and he is <br />hereby authorized to transfer the.sum of Four Hundred Thousand <br />Dollars ($400,000) from the 1979 Community Development Block Grant <br />Fund to the Community Development Corporation of Lakewood, Ohio <br />for the purpose of administering and operating the Low Interest <br />Home Improvement Loan Program. <br /> <br />Adopted: <br /> <br /> Section 3. That this Ordinance is hereby declared to be <br />an ~emergency measure~ for the reasons stated in the preamble hereof <br />and provided it rec~eives the .affirmative vote of two-thirds of all <br />members elected to COuncil, it shall take effect and be in force <br />immediately upon its adoption and approval by the Mayor; otherwise <br />it shall take effect and be in force from and after the earliest <br />P~!r~'iod al lowed by law. ~'F/~///~/'f/~"~'-~/~/Z~"ZJ';'/~/~/'~'~'~'~'~'~c~'~/~' <br /> ?, ~'/,:' ~r~ident>,,,.:," ~ <br /> <br /> F ' / Mayor <br /> <br /> <br />