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Page 2 of 3 <br />City of North Olmsted Ordinance No. 92- 2 5 <br />public monies of the City of North Olmsted, pursuant to Section 135.08 of the Ohio Revised <br />Code, for the purpose of implementing this linked deposit program pursuant to Section 135.80 <br />of the Ohio Revisetl Code. Said agreement or agreements shall be required to minimally contain <br />the following provisions which shall be binding upon the lending institution and the city: <br />(a) The lending institution, in exchange for accepting certificates <br />of deposit from the city at interest rates of up to three percent <br />(3 %) below market rates, shall agree to lend the value of such <br />deposits to eligible borrowers at interest rates correspondingly up <br />to 3% below the present bonowing rate applicable to each <br />bonower; <br />(b) The lending institution sha11 make such loans to residents of <br />the City of North Olmsted, and only for the purpose of making <br />improvements to single family or two-family residences, or <br />condominium units located within the City of North Olmsted; <br />(c) The lending institution sha11 not provide for a reduced rate <br />loan to any resident under the provisions of this linked deposit <br />program until the resident has first received approval of his <br />application for participation in the Residential Property <br />Improvement Linked Deposit Program from the City Finance <br />Director and the City Housing Officer, who shall determine <br />acceptance or rejection strictly upon criteria established by the <br />North Olmsted Housing Council; <br />(d) The lending institution shall, each year, renegotiate with the <br />City Finance Director the interest rates for certificates of deposits <br />placed by the City with the lending institution; <br />(e) The lending institution shall not grant any loan or loans to any <br />resident, who is a participant in the city's linked deposit program, <br />which exceed Fifty Thousand Dollars ($50,000.00) in a calendar <br />year, or exceeds Two Hundred and Fifty Thousand Dollars <br />($250,000.00) over the life of this program; <br />(f) The lending institution shall not sell, assign or otherwise <br />transfer any loan made to a resident who is a participant in the <br />linked deposit program; and