HomeMy WebLinkAboutReso 2003-242RESOLUTION NO. 2003-242
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING TRANSFER OF $471,090
FROM THE COMMUNITY DEVELOPMENT BLOCK GRANT
(CDBG) COMMUNITY HOUSING IMPROVEMENT
PROGRAM (CHIP) FUND TO THE CDBG PROGRAM
INCOME FUND
WHEREAS, when the Community Housing Improvement Program (CHIP) was created
in the mid-1970's the original source of funding came from the Community Development Block
Grant (CDBG) program; and
WHEREAS, when CHIP loans are repaid the proceeds are deposited into the CDBG
CHIP fund; and
WHEREAS, the U.S. Department of Housing and Urban Development (HUD)
regulations stipulate that repayment of principal and interest on loans made with CDBG funds is
considered program income; and
WHEREAS, the accumulated program income in the CDBG CHIP fund needs to be
transferred to the CDBG program income fund.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista
does hereby authorize transfer of $471,090 from the CDBG CHIP fund to the CDBG program
income fund.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista is hereby
authorized to execute said agreement for and on behalf of the City of Chula Vista.
Presented by
Approved as to form by
~velopment Director
Resolution 2003-242
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 3rd day of June, 2003, by the following vote:
ATI'EST:
Councilmembers:
Councilmembers:
Councilmembers:
AYES:
NAYS:
ABSENT:
McCann, Rindone, Salas and Padilla
None
Davis
~illa, Mayo~~'~~-
Susan Bigelow, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2003-242 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 3rd day of June, 2003.
Executed this 3rd day of June, 2003.
Susan Bigelow, City Clerk "~