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BILL NO. <br /> ORDINANCE NO. 7100-16, <br /> y-1G, <br /> AN ORDINANCE TRANSFERRING $119, 500 . 00 AMONG <br /> VARIOUS ACCOUNTS WITHIN THE DIVISION <br /> OF COMMUNITY 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, transfers among accounts are <br /> necessary. <br /> NOW, THEREFORE, BE IT ORDAINED by the Common Council of <br /> the City of South Bend, Indiana: <br /> SECTION I . The sum of $119, 500 . 00 is hereby transferred <br /> among accounts as set forth below: <br /> Reduce the following accounts: <br /> Project No. Description Amount <br /> CD85-106 . 3 South Bend Heritage Foundation $25, 000. 00 <br /> CD86-106 .3 South Bend Heritage Foundation 20, 000. 00 <br /> CD86 Program Income 35, 000 . 00 <br /> CD84-605 Western Avenue Commercial Loan 39, 500. 00 <br /> TOTAL $119, 500 . 00 <br /> Increase the following accounts: <br /> Project No. Description Amount <br /> CD86-603 Commercial Strips $119, 500. 00 <br /> SECTION II. No costs will be incurred or funds expended <br /> for any of the activities in this ordinance prior to an official <br /> release of funds received from the United States Department of <br /> Housing and Urban Development as may be required. <br /> SECTION III. This Ordinance shall be in full force and <br /> effect from and after its passage by the Common Council and approved <br /> by the Mayor. <br /> _ *A' <br /> M=gym.—er of Theiommon Council <br />