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J-03-770
08/28/03
03- 995
RESOLUTION NO.
A RESOLUTION OF THE MIAMI CITY COMMISSION
AUTHORIZING THE DEOBLIGATION OF 28TH YEAR
COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, IN
THE AMOUNT OF $484,580.43, FROM THE
SECTION 108 LOAN GUARANTEE PROGRAM, AND THE
REALLOCATION OF SAID FUNDS TO THE HOUSING
LOAN RECOVERY FUND TO PROTECT THE CITY'S
HOUSING LOAN PORTFOLIO.
WHEREAS, Resolution No. 02-773 adopted July 9, 2002,
adopted the allocation of 28th Year Community Development Block
Grant ("CDBG") funds and program income to support City
Municipal services and related activities, including $1,400,000
to the Section 108 Loan Guarantee Program; and
WHEREAS, on June 9, 1998, the City Commission established a
Housing Loan Recovery Fund, in the amount of $500,000, to
protect the City's Housing Loan portfolio for loans provided
through single-family and multi -family rehabilitation loan
programs;
CITY COMMISSION
MEETING OF
S E P 1 1 2003
BEsnlutine No.
03- 995
• •
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. The deobligation of 28th Year CDBG funds, in
the amount of $484,580.43, from the Section 108 Loan Guarantee
Program and the reallocation of said funds to the Housing Loan
Recovery Fund to protect the City's housing loan portfolio is
authorized.
Section 3. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.'(
1/
If the Mayor does not sign this Resolution, it shall become
effective at the end of ten (10) calendar days from the date it
was passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by
the City Commission.
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