Transferring $334,550 Various Accounts Department of Economic Development

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BILL NO. ORDINANCE NO. ri et ri a-Z9 AN ORDINANCE TRANSFERRING $334,550.00 AMONG VARIOUS ACCOUNTS WITHIN THE DEPARTMENT OF ECONOMIC DEVELOPMENT STATEMENT OF PURPOSE AND INTENT: In order to assure the efficient and timely utilization of Community Development Block Grant Funds and that the immediate needs of specific activities are met, transfers among accounts are necessary. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $334,550.00 is hereby transferred among accounts as set forth below. Reduce the following accounts: Project No. Description Amount CD87-603 Neighborhood Business Development Corporation Administration $ 733 CD88-603 Neighborhood Business Development Corporation Administration 3,667 CD88-604 Business & Technology Center 20, 000 CD88-302 Ko-Op 65 150 CD88-502 Community Coordinated Child Care 1 CD88-504 Older Adult Crime Victims 856 CD88-509 Neighborhood Centers 128 CD88-1101 Community Development Administration 8,667 CD88-201 Code Enforcemtn Mgmt. & Inspection 3, 000 CD88-203 Neighborhood Clean Up 1,500 CD88 Excess Program Income 9,760 CD88 Contingency 1,219 CD89 Program Income 200,000 CD86-602 SBCD Area Revolving Loan Fund 10, 000 CD86-605 South Bend Central Development Area 74,869, TOTAL $334,550 Increase the following accounts: Project No. Description Amount CD89-607 SBCDA Revolving Loan Fund $179,869 CD89-604 Monroe Park Development 154 . 681 TOTAL $334,550 SECTION II. No costs will be incurred or funds expended for any of the activities in this ordinance prior to an official release of funds received from the United States Department of Housing and Urban Development as may be required. SECTION III. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor.