159.05 ACCEPTANCE OR REJECTION OF LINKED DEPOSIT LOAN PACKAGE; PROCEDURES.

   (a)   The Wooster Growth Corporation may accept or reject a linked deposit loan package, or any portion thereof, based on the ratio of City funds to be deposited to jobs sustained or created. The Wooster Growth Corporation shall create additional guidelines for the linked deposit program, which guidelines may include, but shall not be limited to, wage and benefit standards.

   (b)   Upon acceptance of the linked deposit loan package or any portion thereof, the Director of Finance may place certificates of deposit with the eligible lending institution at a rate up to three percent (3%) below current market rates as determined and calculated by the Director of Finance. When necessary, the Director of Finance may place certificates of deposit prior to acceptance of a linked deposit loan package.

   (c)   The eligible lending institution shall enter into a deposit agreement with the Director of Finance, which shall include requirements necessary to carry out the purposes of Sections 159.02 to 159.07. Such requirements shall reflect the market conditions prevailing in the eligible lending institution’s lending area. The agreement may include a specification of the period of time in which the lending institution is to lend funds upon the placement of a linked deposit, and shall include provisions for the certificates of deposit to be placed for up to two-year maturities that may be renewed for up to an additional two years. Interest shall be paid at the times determined by the Director of Finance. After the initial two-year renewal, the linked deposit may be renewed for an additional term of two (2) years at a discount rate of one percent lower than the initial term.

   (d)   Eligible lending institutions shall comply fully with Ohio R.C. Chapter 135 with exceptions made only by the Director of Finance. (Ord. 2008-24. Passed 8-18-08.)