Explanation
BACKGROUND: This legislation authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, Neighborhood Stabilization Program 2. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant.
This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Funding obligations and expenditures must be made prior to the end of the grant period of February 2013 as mandated by the City's NSP2 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, NSP2 Grant. Funding is available through the cancellation of Auditor's Certificate AC 031459-004. The $500,000 must be expended in NSP2 eligible projects.
Title
To authorize the City Auditor to cancel $500,000 from an Auditor's Certificate; to authorize and direct the transfer and expenditure of $500,000.00 within the General Government Grant Fund for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant; and to declare an emergency. ($500.000.00)
Body
WHEREAS, this legislation authorizes the transfer and expenditure of $500,000 within the General Government Grant Fund, NSP2 Grant, to provide funding for the Department of Development obligations and expenses relating to the NSP2 Grant; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer said funds so expenditures can be made by the end of the grant period, 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 Auditor's Office is hereby aut...
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