Explanation
BACKGROUND: This legislation authorizes the transfer of $121,265.71 within the General Government Grant Fund, appropriates $29,418.94 from the General Government Grant Fund to the Department of Development and authorizes the expenditure of $150,684.65 from the General Government Grant Fund, Neighborhood Stabilization Program 1. Funds are needed to obligate and expend to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: Funds are available through a Neighborhood Stabilization Program 1 (NSP1) grant from the U.S. Department of Housing and Urban Development. This ordinance authorizes the cancelation of an Auditor's Certificate, the transfer of $121,265.71, the appropriation of $29,418.94 and the expenditure of $150,684.65 from the General Government Grant Fund, NSP1 Grant.
Title
To authorize and direct the City Auditor to cancel $14,889.52 from an Auditor's Certificate; to authorize the transfer of $121,265.71 within the General Government Grant Fund; to authorize the appropriation of $29,418.94 from the General Government Grant Fund to the Department of Development; to authorize the expenditure of $150,684.65 from the General Government Grant Fund, NSP1 Grant to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; and to declare an emergency. ($150,684.65)
Body
WHEREAS, this legislation authorizes the transfer of $121,265.71, the appropriation of $29,418.94 and the expenditure of $150,684.65 from the General Government Grant Fund, NSP1 Grant to provide funding for the Department of Development obligations and...
Click here for full text