(a) Notwithstanding anything in Section 5-24-020 or 5-24-040 to the contrary, the commissioner shall have the authority to make a city loan, or to suspend the ineligibility of a borrower, upon making a written determination, setting forth the reasons for the decision, based upon the following grounds:
(1) That the public health, safety or welfare of the city requires making the particular loan and that the city is unable to achieve comparable results from any other source; or
(2) That the category of loan is a type unsuitable for application of the provisions of this section, based on (i) the emergency nature of the loan or (ii) the fact that denying such loan would cause greater harm to the public health, safety and welfare than to the borrower or substantial owner.
(b) The provisions of this section shall apply only where not otherwise prohibited by federal, state or local law.
(Added Coun. J. 2-7-96, p. 15393)