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Page 3 of 3 <br />City of North Olmsted Ordinance No. 92- 2 5 <br />(g) The lending institution shall not use the city's certificates of <br />deposits as collateral for any loan made to any resident who is a <br />participant in the linked deposit program, and the lending <br />institution shall not, in any fashion, retain, hold, or encumber any <br />of the city's certificate of deposit funds in the event a <br />resident/borrower should default in payment upon any loan, or <br />otherwise breach any other condition of any loan, made in <br />connection with this linked deposit program. <br />SECTION 4: That any resident of the City of North Olmsted may apply to the City of <br />North Olmsted for participation in the Residential Property Improvement Linked Deposit <br />Program. Such application shall be made to the City Housing Officer upon forms approved by <br />the North Olmsted Housing Council. No resident may make application for participation in the <br />program, until he has first obtained approval of a loan application with a lending institution <br />which has entered into an agreement with the City of North Olmsted to participate in this linked <br />deposit program. Participation in the link deposit program sha11 be limited to residents who have <br />obtained loan approval from an eligible lending institution in an amount not to exceed Fifty <br />Thousand Dollars ($50,000.00) in any calendaz year or Two Hundred and Fifty Thousand <br />Dollars ($250,000.00) over the life of this program. Further, participation sha11 be limited to <br />residents who have obtained such approval for a loan which shall be used exclusively for <br />improvement of single family, two-family, or a condominium unit real property located within <br />the City of North Olmsted. <br />SECTION 5: That this Ordinance is hereby declared to be an emergency measure <br />immediately necessary for the preservation of the public health, safety and welfare, and for the <br />further reason that it is immediately necessary to establish the Residential Property Improvement <br />Linked Deposit Program in order that funds may be immediately available to residents to make <br />necessary improvements to real property located within the City of North Olmsted and further <br />provided it receives the affirmative vote of two=thirds of all members elected to Council, it <br />shall take effect and be in force immediately upon its passage and approval by the Mayor. <br />PASSED: <br />ATTEST: <br />BARBARA L. SEMAN, <br />Clerk of Council <br />7AMES D. BOEHMER, <br />President of Council <br />APPROVED: <br />MAYOR EDWARD BOYLE <br />First Reading: ? 3 ? 2 <br />Second Reading: <br />Third Reading: <br />?--Committee: <br />? ?--Uc . a