Interest subsidies granted under this Home Improvement Loan Interest Subsidy Program shall be payable from interest earnings on investments in the General Fund or other funds designated by Council and invested specifically to fund the Home Improvement Loan Interest Subsidy Program. No interest subsidy shall be paid from moneys raised by taxation and the City's general obligation and full faith and credit shall not be pledged to the payment of any interest subsidy, unless the City has first complied with the requirements set forth in Ohio R.C. 176.04 for the City to issue general obligations or expend moneys raised by taxation to provide, or assist in providing, housing pursuant to Article VIII, Section 16 of the Ohio Constitution.
(Ord. 92-52. Passed 5-19-92.)