(a) A linked deposit program is hereby established to provide incentives to eligible local lending institutions to issue lower interest loans to approved small businesses and residential homeowners. The linked deposit program shall be administered by the County Fiscal Officer.
(b) The County Fiscal Officer, as the County's investing authority, may place certificates of deposit at up to three percent (3%) below market rates with any approved depository lending institution agreeing to lend the value of such deposit to eligible borrowers at up to three percent (3%) below the then present borrowing rate applicable to such borrower.
(c) The total amount of funds the County Fiscal Officer may place at such lower interest rate with all depository lenders for the residential and business linked programs shall be not more than five million dollars ($5,000,000.00).
(d) All loans made under the business linked deposit program shall not be less than a 24 month term, with the option for a 24 month renewal, and no such loan shall be for less than twenty-five thousand dollars ($25,000) or more than two hundred fifty thousand dollars ($250,000). A 24 month waiting period will be required for businesses that wish to reapply for a new link loan.
(e) All loans made under the residential linked deposit program shall be term loans for not more than a 60 month term, and no such loan shall be for less than one thousand five hundred dollars ($1,500) or more than fifty thousand dollars ($50,000).
(Ord. 2007-531. Adopted 10-15-07.)