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• <br /> ORDINANCE NO. g*kk-1 -43 <br /> AN ORDINANCE APPROPRIATING $1,050,000 OF SECTION <br /> 108 LOAN FUNDS, PLUS INTEREST EARNED THEREON, FOR USE <br /> IN THE SOUTH BEND HOUSING REHABILITATION INITIATIVE <br /> STATEMENT OF PURPOSE AND INTENT: <br /> In order to assure the efficient and timely utilization of Section 108 funds <br /> and that the immediate needs of specific activities are met, appropriation of <br /> funds is necessary. <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 $1,050,000 of Section 108 loan funds, plus interest <br /> earned on such funds, is hereby appropriated for use in low and moderate <br /> income housing rehabilitation activities. <br /> SECTION II. No costs will be incurred or funds expended for any of the <br /> activities addressed in this ordinance prior to an official release of funds <br /> received from the United States Department of Housing and Urban Development. <br /> SECTION III. This Ordinance shall be in full force and effect from and after <br /> its passage by the Common Council and approval by the Mayor. <br /> Member of the Vommon Council <br />