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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2000-39 <br />BY: MAYOR MUSIAL AND ALL OF COUNCIL <br />AN EMERGENCY ORDINANCE A UTHORIZING THE EXECUTION OF A LINKED <br />DEPOSIT LOAN PROGRAM AGREEMENT; AUTHORIZING THE MAYOR TO <br />EXECUTE THE LINKED DEPOSIT LOAN PROGRAM AGREEMENT AND <br />A UTHORIZING 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 local <br />lending institutions for the purpose of enhancing housing of the residents of participating cities and <br />member cities of the First Suburbs Consortium (the "Consortium"); and <br />WHEREAS, The City of North Olmsted, Ohio (the "City") has determined to participate in <br />the County Treasurer's Linked Deposit Program; and <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"); and <br />WHEREAS, in order for dwellings in the City to be eligible to participate in the County <br />Treasurer's Linked Deposit Program, the City must execute a Cuyahoga County Treasurer's <br />Linked Deposit Loan Program Agreement (a "Loan Agreement") with the Treasurer, whereby the <br />City agrees to perform program monitoring for Linked Deposit Loans made to its residents; and <br />WHEREAS, the Council of the City hereby determines that it is necessary to immediately <br />proceed with the County Treasurer's Linked Deposit Program; and <br />WHEREAS, this ordinance is an emergency measure which is necessary for the immediate <br />preservation of the public peace, property, health, safety and welfare. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: Determination bv Legislative Authoritv. This Legislative Authority hereby <br />determines that it is necessary and a proper municipal public purpose and in the best interest of the <br />City to proceed with the County Treasurer's Linked Deposit Program, pursuant to [the authority of <br />the Charter of the City] and this Ordinance. <br />SECTION 2: Authorization for Mayor to Execute a Linked Deposit Loan A re? ement. The <br />Mayor is further directed to take all steps necessary to effect due execution and delivery of the <br />Linked Deposit Loan Agreement pursuant to the Act, whereby the City will agree, among other <br />things, to perform program monitoring for the residents of the City that receive a Linked Deposit <br />Loan.