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HomeMy WebLinkAboutResolution 97-81 RESOLUTION NO. 97- 81 RESOLUTION TRANSFERRING FUNDS FROM THE GENERAL FUND TO THE HOUSING AND REDEVELOPMENT AUTHORITY FOR THE BUSINESS REVOLVING LOAN FUND WHEREAS, the Housing and Redevelopment Authority of the City of Columbia Heights established a Business Revolving Loan Fund in 1992. WHEREAS, a total of $117,500 in Housing and Redevelopment Authority money was appropriated to the Business Revolving Loan Fund, and WHEREAS, at the end of 1996 there was an operating deficit of $15,447 in the Housing and Redevelopment Authority, and an operating deficit of $32,750 in the Economic Development Authority, and WHEREAS, it is the desire of the City Council to contribute funds to the initial set-up of the Business Revolving Loan Fund, NOW, THEREFORE, BE IT RESOLVED by the City of Columbia Heights that $50,000 be transferred from the City's General Fund Undesignated Fund Balance to the Housing and Redevelopment Authority fund to be used a part of the initial start-up money of the Business Revolving Loan Fund, and to transfer $32,750 from the Housing and Redevelopment Authority to the Economic Development Authority to cover the 1996 year-end deficit. Passed this 22nd day of December ,1997 Offered by: Pete r son Seconded by: s tu rdeva n t Al 1 ayes Roll Call: --~~e Student, Counch-Secretary Joseph Sturdevant, Mayor