(A) The legislative authority of a municipal corporation, by ordinance; the board of directors of a port authority or a lake facilities authority, by resolution; or the board of county commissioners, by resolution, may establish a linked deposit program authorizing the treasurer or governing board of the municipal corporation, the board of directors of the port authority or lake facilities authority, or the investing authority of the county, as created or designated by the ordinance or resolution, to place certificates of deposit at up to three per cent below market rates with an eligible lending institution applying for interim moneys as provided in section 135.08 of the Revised Code, selected to invest port authority or lake facilities authority moneys in linked deposit programs pursuant to section 4582.54 or 353.15 of the Revised Code, or applying for inactive moneys as provided in section 135.32 of the Revised Code, provided the institution agrees to lend the value of such deposit to eligible borrowers at up to three per cent below the present borrowing rate applicable to each borrower. The ordinance or resolution shall include requirements and provisions that are necessary to establish the program, including, but not limited to:

1. (1) Eligibility requirements for borrowers who may receive reduced rate loans under the program;
2. (2) Application procedures for borrowers and institutions wishing to participate in the program;
3. (3) Review procedures for applications and criteria for acceptance or rejection of applications for reduced rate loans;
4. (4) Necessary agreements between the eligible lending institution and the treasurer or governing board of the municipal corporation, the board of directors of the port authority or lake facilities authority, or the investing authority of the county to carry out the purposes of the linked deposit program;
5. (5) Annual reports regarding the operation of the program to be made by the treasurer or governing board to the legislative authority, the eligible lending institution to the board of directors of the port authority or lake facilities authority, or the investing authority to the board of county commissioners.

(C) For purposes of this section:

1. (1) "Investing authority" has the same meaning as in section 135.31 of the Revised Code.
2. (2) "Port authority" means a port authority created in accordance with section 4582.22 of the Revised Code.
3. (3) "Lake facilities authority" means a lake facilities authority created in accordance with section 353.02 of the Revised Code.