(a) (1) Neither the Director of Finance nor the City Treasurer shall keep any City funds on deposit in any bank or other financial institution that makes predatory loans, or that has an affiliate that, or is an affiliate of a bank or other financial institution that makes predatory loans.
(2) Neither the Director of Finance nor the City Treasurer shall keep any City funds on deposit in any bank or other financial institution that violates RC 1349.27, or that has an affiliate that, or is an affiliate of a bank or other financial institution that violates RC 1349.27.
(b) (1) Neither the Director of Finance nor the City Treasurer shall allow City monies to remain invested, or hereafter make investments in, stocks, securities, or other obligations of any business entity that makes predatory loans, or has an affiliate that, or is an affiliate of a bank or other financial institution that makes predatory loans.
(2) Neither the Director of Finance nor the City Treasurer shall allow City monies to remain invested, or hereafter make investments in, stocks, securities, or other obligations of any business entity that violates RC 1349.27, or has an affiliate that, or is an affiliate of a bank or other financial institution that violates RC 1349.27.
(c) (1) Neither the Director of Finance nor the City Treasurer shall allow City monies to remain invested, or hereafter make investments in, securities collateralized by any interest in loans originating or purchased by any business entity that makes predatory loans, or has an affiliate that, or is an affiliate of a bank or other financial institution that makes predatory loans.
(2) Neither the Director of Finance nor the City Treasurer shall allow City monies to remain invested, or hereafter make investments in, securities collateralized by any interest in loans originating or purchased by any business entity that violates RC 1349.27, or has an affiliate that, or is an affiliate of a bank or other financial institution that violates RC 1349.27.
(d) The divestiture required by divisions (b) and (c) shall be completed within six (6) months of receipt by the City Treasurer of notice from the Director of Finance or the Director of Consumer Affairs that a business entity makes predatory loans, or has an affiliate that, or is an affiliate of a bank or other financial institution that makes predatory loans. During the six (6) month period, the City Treasurer shall make regular reports to the City Council concerning the progress of divestiture. If, prior to expiration of the six (6) month time limit for divestiture, the Finance Director or City Treasurer determines that completion of divestiture within the six (6) month time limit will necessitate substantial losses to the City then the City Treasurer shall request from City Council an extension of time within which to complete divestiture.
(e) As used in this section, the terms “predatory loan” and “affiliate” shall have the same meanings as set forth in Section 659.01 of the Codified Ordinances of the City of Cleveland, 1976.
(Ord. No. 737-02. Passed 4-22-02, eff. 4-25-02)