159.06 REQUIREMENTS OF DEPOSITORY; DUTIES OF DIRECTOR OF FINANCE.

   (a)   Upon the placement of a linked deposit with an eligible lending institution, such institution is required to lend such funds to each approved eligible business listed in the linked deposit loan package required by Section 159.04(d). The loan shall be at the present borrowing rate applicable to each business, less the discounted rate of the certificate of deposit so placed. A certification of compliance with this section in the form and manner as prescribed by the Director of Finance shall be required of the eligible lending institution.

(Ord. 2008-24. Passed 8-18-08.)

   (b)   The Director shall take any and all steps necessary to implement the Linked Deposit Program and monitor compliance of eligible lending institutions and eligible small businesses.

Annually, by February 1, the Director shall report on the Linked Deposit Program for the preceding calendar year to the Mayor and Council. The report shall set forth the linked deposits made by the Director under the program during the year.

(Ord. 1999-10. Passed 3-1-99.)