65-80 Transfer funds for Low Int Home Improve Loan Prog

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ORDINANCE NO. 65-80 BY: Salmon, Brown, Chinnock, Gallagher, Graham, McBride AN EMERGENCY ORDINANCE authorizing the Director of Finance to transfer the sum of $300,000 from the 1980 Community Development Block Grant Fund to the Community Development Corporation of Lakewood, Ohio for the purpose of adminis- tering and operating a Low Interest Home Improvement Loan Program. WHEREAS, on the 9th of September, 1980 the U.S. Department of Housing and Urban Development officially approved the request of the City of Lakewood to establish a Low Interest Home Improvement Loan Program and also authorized funds in the amount of $300,000 to carry out such program, and WHEREAS, this Council did, pursuant to Resolution 5224 adopted May 2, 1977, authorize the formation of a non-profit corporation to administer a Low Interest Home Improvement Loan Program to advance, encourage and promote the residential rehabilitation of Lakewood's older housing stock, and WHEREAS, such non-profit corporation, known as the Community Development Corporation of Lakewood, Ohio, was duly formed on the 18th day of May, 1977,.and WHEREAS, the Council of the City of Lakewood appropriated the sum of $300,000 from the 1980 Community Development Block Grant Funds to carry out the Low Interest Home Improvement Loan Program, and WHEREAS, it is necessary for the continued day-to-day operation of the Low Interest Home Improvement Loan Program to have the funds transferred to the Community Development Corporation of Lakewood, Ohio, and WHEREAS, this ordinance constitutes an emergency measure providing for the immediate preservation of the public health, safety and welfare and for the usual daily operation of a municipal department and for the reasons that the Low Interest Home Improvement Loan Program can be continued without delay; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Council of the City of Lakewood does hereby approve the concept, organization and administrative guidelines of the Community Develop- ment Corporation of Lakewood, Ohio as the vehicle through which the Low Interest Home Improvement Loan Program can be continued. Section 2. That the Director of Finance be and he is hereby authorized to transfer the sum of Three Hundred Thousand Dollars ($300,000) from the 1980 Community Development Block Grant Fund to the Community Development Corporation of Lakewood, Ohio for the purpose of administering and operating the Low Interest Home Improvement Loan Program. 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 committees that resulted in such formal action were in meet- ings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 4. That this ordinance 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 immediately upon its adoption and approval by the Mayor; otherwise it shall take effect and be in force from and after the earliest period al lowed by ~. Adopted: ~/~/~ /~-/ J~JcJ Approved: