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BILL NO. <br /> ORDINANCE NO. 3 Li q ?-Q 5 <br /> AN ORDINANCE APPROPRIATING $346, 858 WITHIN ACCOUNTS WITHIN THE <br /> U.D.A.G. FUND OF THE DEPARTMENT OF COMMUNITY AND ECONOMIC <br /> DEVELOPMENT FOR THE PURPOSE OF PROVIDING ADMINISTRATIVE <br /> SUPPORT TO THE DIVISION OF REDEVELOPMENT AND TO BUY-OUT THE <br /> REMAINING CDBG-FUNDED LOANS FROM THE BUSINESS DEVELOPMENT <br /> CORPORATION OF ST. JOSEPH COUNTY. <br /> Statement of Purpose and Intent: <br /> In order to assure the efficient and timely utilization of Urban <br /> Development Action Grant Reimbursement Funds and to further the <br /> implementation of certain community objectives, appropriations are <br /> needed: <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br /> South Bend, Indiana, as follows: <br /> SECTION I. The sum of $346, 858 is hereby appropriated within Fund <br /> 410 as follows: <br /> Description Amount <br /> BDC Loan Portfolio Buy-out $216, 858 <br /> Redevelopment Administration 130, 000 <br /> $346, 858 <br /> SECTION II. This Ordinance shall be in full force and effect from <br /> and after its passage by the Common Council and approval by the Mayor. <br /> Member of th ommon n <br /> Cou cil <br />