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ORDINANCE NO. 2006-01 <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY ORDINANCE AUTHORIZING THE EXECUTION OF A <br />LINKED DEPOSIT LOAN PROGRAM AGREEMENT; AUTHORIZING THE <br />MAYOR TO EXECUTE THE LINKED DEPOSIT LOAN PROGRAM <br />AGREEMENT AND AUTHORIZING RELATED MATTERS. <br />WHEREAS, pursuant to Ohio Revised Code Section 135.80 (the "Act"), the Cuyahoga <br />County Treasurer (the "Treasurer") on behalf of Cuyahoga County, Ohio (the "County") has <br />established a linked deposit low-interest loan program referred to as the Cuyahoga County <br />Treasurer's Linked Deposit Program (the "County Treasurer's Linked Deposit Program") with <br />local lending institutions for the purpose of enhancing housing of the residents of participating <br />cities and member cities of the First Suburbs Consortium (the "Consortium"); <br />WHEREAS, the Village of Mayfield, Ohio (the "Village") has determined to participate <br />in the County Treasurer's Linked Deposit Program; <br />WHEREAS, through the County Treasurer's Linked Deposit Program, qualified financial <br />institutions will provide low-interest loans to eligible borrowers for certain housing repairs and <br />improvements (each a "Linked Deposit Loan"); <br />WIIEREAS, in order for dwellings in the Village to be eligible to participate in the <br />County Treasurer's Linked Deposit Program, the Village must execute a Cuyahoga County <br />Treasurer's Linked Deposit Loan Program Agreement (a "Loan Agreement") with the Treasurer, <br />whereby the Village agrees to perform program monitoring for Linked Deposit Loans made to its <br />residents; <br />WHEREAS, the Council of the Village hereby determines that it is necessary to <br />immediately proceed with the County Treasurer's Linked Deposit Program; <br />WHEREAS, this ordinance is an emergency measure which is necessary for the <br />immediate preservation of the public peace, property, health, safety and welfare. <br />NOW, THEREFORE, BE IT ORDAINED by the V illage of Mayfield, Ohio, that: <br />Section 1. Determination by Legislative Authority. This Legislative Authority hereby <br />determines that it is necessary and a proper municipal public purpose and in the best interest of <br />the Village to proceed with the County Treasurer's Linked Deposit Program, pursuant Village's <br />Charter and this Ordinance. <br />Section 2. Authorization for Mavor to Execute a Linked Deposit Loan Agreement. The <br />Mayor and President of Council are further directed to take all steps necessary to effect due <br />execution and delivery of the Linked Deposit Loan Agreement pursuant to the Act, whereby the <br />Village will agree, among other things, to perform program monitoring for the residents of the <br />Village that receive a Linked Deposit Loan.