Explanation
Background:
This legislation authorizes the expenditure of $1,611,689 for commercial loans under the Economic and Community Development Loan Program. $1,611,689 was included in the 2004 CDBG Budget for commercial loans.
Emergency action is requested so that program activities may begin immediately.
Fiscal Impact:
Funds were included in the 2004 CDBG Budget for this program.
Title
To authorize the Director of the Department of Development to enter into loan agreements for the purpose of making loans under the Economic and Community Development Loan Fund; to authorize the expenditure of $1,611,689 from the Community Development Block Grant Fund; and to declare an emergency. ($1,611,689)
Body
WHEREAS, CDBG monies have been budgeted and appropriated for the Economic and Community Development Loan Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize the Director of the Department of Development to enter into loan agreements under the Economic and Community Development Loan Fund, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is authorized to enter into loan agreements for the purpose of making loans under the Economic and Community Development Loan Fund.
Section 2. That the expenditure of $1,611,689.00, or so much thereof as may be necessary, be and is hereby authorized from the Economic Development Division, Division 44-02, CDBG Fund, Fund 248, Sub Fund 002, as follows:
Object Level 0ne Object Level Three OCA Code 05 5528 494021
Amount
$1,611,689
Section 3. That for reasons stated in the preamble hereto, which is hereby made a p...
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