159.01 DEFINITIONS.

   As used in this chapter:

   (a)   "Eligible business" means an organization that has all of the following characteristics:

      (1)    Maintains offices and operating facilities in this City and transacts business in this City;

      (2)    Employs less than two thousand five hundred employees in this City, the majority of whom are residents of this County;

   (b)    "Eligible lending institution" means a financial institution that is eligible to make commercial loans, is a public depository of State funds under Ohio R.C. 135.03 and agrees to participate in the Linked Deposit Program.

   (c)    “Linked deposit” means a certificate of deposit placed by the Director of Finance with an eligible lending institution at up to three percent (3%) below current market rates (the “discount rate”), as determined and calculated by the Director of Finance, provided the institution agrees to lend the value of such deposit according to the deposit agreement provided in Section 159.05(c) to eligible businesses at the present borrowing rate applicable to each specific business at the time of the deposit of City funds in the institution, less the discounted rate of the certificate of deposit so placed.

      (Ord. 2008-24. Passed 8-18-08.)