92-052 Ordinance - Laserfiche WebLink

Home Browse Search

t , . . -4- loan, t}ie owner of record has first received approva.l of his application for participati_on in the Home Improvement Loan Interest Subsidy Program from the Director of Finance and Housing Officer of tlie City. (e) The lending institution shall not se11, assign or ottierwise transfer any loan made to an owner of record who is a parti.cipant in the Home Improvement Loan Interest Subsidy Program during the Reduced Rate Period applicable to that loan. (f) In making loans for which an interest subsidy will be provided under this Program, the lending institution shall not discriminate against families with ctiildren or encourage, contribute to or participate in any unlawful discri_minatory practice under Division (H) of Section 4112.02 of the Ohio Revised Code, as amended from time to time. A copy of Section 4112.02(H) of the Revised Code as it exists at the time the agreement is entered into may be attached to the agreement. (g) The City shall not be liable to any lending insti- tution in any manner for the payment of the principal or interest (other than the iriterest subsidy described above) on any loan for which an interest subsidy has been approved by the City under the Home Improvement Loan Interest Subsidy Program, and any delay in payment or default on the part of any bor.rower sha11 not in any manner affect the agreement between the lending institution and the City. (h) The City's obligations under this agreement (i) shall be paid only from moneys which do not constitute moneys raised by taxation and (ii) are not and do not constitute a general obligation of the City or a pledge of the full faith and cred.it of the City; provided that such provision need not be included in the agreement if the City has complied with the reyuirements set forth in Section 176.04 of the Ohio Revised Code for the City to issue general obligations or expend moneys raised by taxation to provide, or assist in providing, housing pursuant to Article VIII, Section 16 of the Ohio Constitution. Section 8. This Council finds and determines that all formal actions of ttiis Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public in compliance with the law. Section 9. This ordinance is decla.red to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of the City, and for t.tie further reason that ttiis ordinance is required to be immediately effective in order that funds may be immediately