HomeMy WebLinkAbout87-10-3073ORDINANCE NO. 87-10-3073
AN ORDINANCE APPROVING SHORT TERM ADVANCES TO PADUCAH-
McCRACKEN COUNTY HOUSING RESOURCE BOARD INCORPORATED
WHEREAS, Paducah -McCracken Housing Resource Board Inc. is a
non-profit corporation established to promote fair housing and equal
opportunity in housing in Paducah and McCracken County; and
WHEREAS, said Board has received a grant from the U.S.
Department of Housing and Community Development; and
WHEREAS, there are administrative delays in transferring the
grant funds to the Board; and
WHEREAS, it is the intent of the Board of Commissioners of
the City of Paducah to lend funds to the Paducah -McCracken County
Housing Resource Board Inc., to be used only until the grant funds are
received by the Board.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY;
SECTION 1. The City Treasurer is authorized to lend to the
l Paducah -McCracken County Housing Resource Board Inc. a sum of money not
to exceed $7,000.00. Said funds are to be repaid by the Paducah -
McCracken County Housing Resource Board Inc. to the City of Paducah
immediately upon receipt by the Board of funds from a grant from the
U.S. Department of Housing and Community Development. All funds loaned
to the Paducah -McCracken County Housing Resource Board Inc. must be
repaid in full prior to June 30 of each year.
SECTION 2. This ordinance is an ongoing authorization, and
the City Treasurer may issue funds as certified by the Paducah -
McCracken County Housing Resource Board Inc. that operating grants have
been approved, but there exists a delay in receiving grant funds.
SECTION 3. Any funds expended under this ordinance shall be
charged to Contingency Fund No. 10-137-000-000 and credited to said
account upon repayment by the Board.
SECTION 4. In order to make funds available to the Paducah -
McCracken County Housing Resource Board Inc. as expeditiously as
possible, an emergency is hereby declared to exist and this ordinance
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shall become effective with one reading and upon publication of title
and a certified summary thereof.
ORD 7
JOE VITERISI'
Mayor
Introduced and adopted by the Board of Commissioners
October 13, 1987
.Recorded by Lenita Smith, City Clerk, October 13, 1987
Published by The Paducah. Sun" /0- /2- 9 7 -