Transferring $540,000 Various accounts within Division of Community Development

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BILL NO. ORDINANCE NO. 7 e4- g 7 AN ORDINANCE TRANSFERRING $540,000. 00 AMONG VARIOUS ACCOUNTS WITHIN THE DIVISION OF COMMUNITY 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 $540, 000. 00 is hereby transferred among accounts as set forth below. Reduce the following accounts: Project No. Description Amount CD87 ULO $ 390, 000 CD88 ULO 150, 000 TOTAL $ 540,000 Increase the following accounts: Project No. Description Amount CD88-102 Housing Rehabilitation Fund $ 397,437 CD88-1100 Community Development Admin. 142,563 TOTAL $ 540,000 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 and after its passage by the Common Council and approved by the Mayor.