(a) There is hereby created a revolving loan fund for making limited purpose loans to reimburse owners of eligible residential property within the City. The funds shall be budgeted and established from the City’s Sanitary Sewer revenues and shall be in the maximum amount of $50,000.00 annually, or in such amount otherwise established by Council. The fund shall be used exclusively for the following purposes:
(1) To assist such owners in the making of improvements and corrections in the gutters, downspouts and dwelling drainage facilities on their premises, in order to reduce the inflow of water run-off from such residential premises into the City sanitary sewer system and thereby to assist in the control and reduction of wastewater volume required to be treated by the City of Canton Water Reclamation Facility; or
(2) To assist such owners in making improvements and corrections in their premises needed for the elimination of any sanitary sewer discharges from their premises either to the City storm sewer system or to water courses which are a part of or connected to streams or other waters of the State of Ohio.
(b) All loans made under this chapter shall be secured by a mortgage or lien against the real estate which is the subject of the improvements.
(c) The fund created by this chapter is to be administered and implemented by the Director of Public Service or his designee. Loans from said fund shall not exceed the amount of $4,000.00 per loan recipient, shall be made without interest, shall provide for repayment over a period not to exceed five (5) years and shall be made solely for the specific purposes as stated and provided in this section. Rules, regulations and fees for the administration of the loan program as set forth in this section shall be promulgated by the Director of Public Service.
(Ord. 195-2004. Passed 9-27-04.)