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BILL NO. <br /> ORDINANCE NO. A 7 <br /> AN ORDINANCE TRANSFERRING $80,000 AMONG <br /> VARIOUS ACCOUNTS WITHIN THE DEPARTMENT <br /> OF ECONOMIC DEVELOPMENT <br /> STATEMENT OF PURPOSE AND INTENT: <br /> In order to assure the efficient and timely utilization of <br /> Community Development Block Grant Funds and that the immediate <br /> needs of specific activities are met, certain transfers among <br /> accounts are necessary. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br /> City of South Bend, Indiana: <br /> SECTION I. The sum of $80, 000.00 is hereby transferred among <br /> accounts as set forth below. <br /> Reduce the following accounts: <br /> Project No. Description Amount <br /> 1987 Program Income $80, 000 <br /> TOTAL $80, 000 <br /> Increase the following accounts: <br /> Project No. Description Amount <br /> CD85-602 Near West Side Commercial Loan $10, 000 <br /> CD87-1100 Community Development Administration $70, 000 <br /> TOTAL $80, 000 <br /> SECTION II. No costs will be incurred or funds expended for <br /> any activities in this ordinance prior to an official release of <br /> funds received from the United States Department of Housing and <br /> Urban Development as may be required. <br /> SECTION III. This ordinance shall be in full force and effect <br /> from and after its passage by the Common Council and approved by <br /> the Mayor. <br /> 14P; _!J&! 4 <br /> 4Memb t of the Common Co.► cil <br />