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ORDINANCE #93-5- 4938
AN ORDINANCE FORMALLY ACCEPTING AN ADDITIONAL
$445,000.00 IN HOME FUNDS; AUTHORIZING THE MAYOR
TO EXECUTE HOME FUNDING AGREEMENT, AMENDMENT NO.
1, AND ANY ADDITIONAL DOCUMENTS NECESSARY FOR
THE CITY OF PADUCAH TO OBTAIN ADDITIONAL HOME
FUNDS IN THE AMOUNT OF $445,000.00.00; AND
AUTHORIZING THE EXPENDITURE OF $6,000.00 IN
MATCHING FUNDS
WHEREAS, the City of Paducah and the Kentucky Housing
Corporation have entered into a Home Funding Agreement No. 92-S-HR0010,
dated February 22, 1993, for the Housing Renewal Program; and
WHEREAS, the City of Paducah and the Kentucky Housing
Corporation have mutually agreed to amend the Funding Agreement to
include an additional $445,000.00 in funds for a total amount available
to the City of Paducah of $660,000.00; and
WHEREAS, the Kentucky Housing Corporation requires the City
of Paducah to formally accept said additional funds;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
KENTUCKY, THAT:
SECTION 1. The City of Paducah hereby formally accepts
additional funding from the Kentucky Housing Corporation for the Housing
Renewal Program in the amount of $445,000.00.
SECTION 2. The Mayor is hereby authorized to execute Home
Funding Agreement, Amendment No. 1, in the form attached hereto, and any
additional documents necessary for the City of Paducah to obtain
additional Home Funds in the amount of $445,000.00.
SECTION 3. The expenditure of $6,000.00 in matching funds
necessary to obtain the aforesaid funding shall be charged to Account
No.
SECTION 4. This ordinance shall be read on two separate
days and will become effective upon publication of title or a certified
summary thereof.
YOR
Introduced by the Board of Commissioners
May
11,
1993
Adopted by the Board of Commissioners
.y
18,
1993
Recorded by Lenita Smith, City Clerk
May
18,
1993
Published by The Paducah Sun
May
24,
1993