(A) It is declared the policy of the Village to assure that all Village funds currently or in the future to be on deposit, invested or reinvested, be affirmatively deposited, invested or reinvested in such financial institutions as to assure their availability to qualified applicants for residential mortgage loans and residential improvement loans within the Village.
(B) The Board of Trustees or duly authorized representative shall designate only those financial institutions to receive Village investment funds and deposits that do not participate in the practice known as "redlining" activities based on racial, geographical or other discriminating policies that fail to serve the best interests of the Village as a whole and its individual citizens.
(C) (1) All financial institutions receiving Village investment funds and deposits shall sign the following pledge:
We pledge not to arbitrarily reject mortgage loans for residential properties because of geographic area or location of such property. In addition, we pledge to make loans available on low and moderate value residential property in the Village of Maywood on an affirmative basis within the limits of our local restrictions and sound credit and financial practices.
Name of Bank Signature of President
(2) The pledge statement forms will be supplied by the Village.
(D) If any financial institution: (1) fails to sign the above pledge; and/or (2) refuses to open their records to the Human Relations Commission when requested to do so by the Board of Trustees; and/or (3) is found guilty of "redlining" pursuant to the content of the Maywood Fair Housing Ordinance (Chapter 90) such institution shall be found in violation of the provisions of this chapter, and such violation shall result in the withdrawal of the total amount of the Village investment funds and deposits from such institution, such withdrawal to be accomplished only in a manner consistent with sound legal and financial practice.
(1997 Code, § 3.26) (Ord. 74-17, passed 7-25-1974)