Laserfiche WebLink
' <br />CITY OF NORTH OLMSTED td-' ) <br />ORDINANCE NO. 92 - 2 5 <br />BY: MAYOR EDWARD BOYLE <br />AN ORDINANCE ESTABLISHING A LINKED DEPOSIT <br />PROGRAM FOR RESIDENTIAL REAL PROPERTY <br />IMPROVEMENTS IN THE CITY OF NORTH OLMSTED, <br />PURSUANT TO SECTION 135.80 OF THE OHIO REVISED <br />CODE, AND DECLARING AN EMERGENCY. <br />WHEREAS, due to the economic recession which has impacted cities throughout the <br />State of Ohio, including this city, residents have been discouraged from obtaining loans from <br />lending institutions to make improvements to residential property located within the City of <br />North Olmsted; and <br />WHEREAS, the state legislature, pursuant to Section 135.80 of the Ohio Revised Code, <br />has authorized municipal corporations to enter into linked deposit programs with eligible lending <br />institutions to provide for reduced interest rate loans made to eligible borrowers for purposes <br />established by the municipal corporation; and <br />WHEREAS, it is the desire of this Council, at the inidation of the Mayor of the City of <br />North Olmsted, to establish a linked deposit program pursuant to Section 135.80 of the Ohio <br />Revised Code in order to enable the residents of the City of North Olmsted to obtain reduced <br />rate loans from eligible lending institutions in order to make improvements to residential <br />property located within the City of North Olmsted. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO: <br />SECTION 1: That there be, and hereby is, established a linked deposit program for the <br />City of North Olmsted pursuant to Section 135.80 of the Ohio Revised Code and the succeeding <br />sections of this ordinance. <br />SECTION 2: That the linked deposit program shall be entitled the "Residential Property <br />Improvement Linked Deposit Program" and shall be administered by the City Finance Director <br />and the City Housing Officer, acting pursuant to regulations established by the City of North <br />Olmsted Housing Council which are not inconsistent or in conflict with any provision of this <br />ordinance. <br />SECTION 3: That the Finance Director is hereby authorized to enter into an agreement <br />or agreements with any lending institution, which is a public depository of interim deposits of