Explanation
Background: This legislation authorizes the cash transfer of funds between subfunds in fund 2292 and the appropriation and expenditure of the transferred cash in fund 2292.
The Department of Development anticipates entering into contract with Community Capital Development Corporation to continue providing small business loan portfolio services in an amount up to $18,000. The department wishes to fund this contract with cash available in fund 2292, subfund 229299. In order to appropriate and expend the funds, the funds need to be transferred from subfund 229299 to 229205.
Emergency action is requested to execute the contract in a timely manner in order to main loan portfolio servicing.
Fiscal Impact: This legislation authorizes the cash transfer of funds between subfunds in fund 2292 and the appropriation and expenditure of the transferred cash in fund 2292. The available cash balance of this fund is $76,983.
Title
To authorize the cash transfer of funds between subfunds in the Urban Site Acquisition Loan fund; to authorize the appropriation and expenditure of the transferred cash in the amount of $18,000.00 from the unappropriated balance in said fund; and to declare an emergency. ($18,000.00)
Body
WHEREAS, the Department of Development anticipates entering into contract with Community Capital Development Corporation to continue providing small business loan portfolio services in an amount up to $18,000;
WHEREAS, the department wishes to fund this contract with cash available in fund 2292, subfund 229299;
WHEREAS, in order to appropriate and expend the funds, the cash needs to be transferred from subfund 229299 to 229205; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to execute the contract in a timely manner in order to main loan portfolio servicing, for the immediate preservation of the public health, peace, property, safety, and welfare; now, th...
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