159.02 PURPOSE.

   Council finds that some businesses throughout the City are experiencing economic stagnation or decline, that interest rates have caused businesses in this State to suffer disproportionately in profitability and competition. The Linked Deposit Program provided for in this chapter is intended to provide Citywide availability of lower cost funds for lending purposes that will materially contribute to the economic revitalization of this City. Accordingly, it is declared to be the public policy of the City through the Linked Deposit Program to create an availability of lower-cost funds to inject needed capital into the business community, sustain or improve business profitability and protect the jobs of this City. (Ord. 1999-10. Passed 3-1-99.)