HomeMy WebLinkAbout1981-281-06.01.1981 RESOLUTION NO. 12,7•o711
RESOLUTION TO BALANCE FISCAL YEAR 1981 OPERATING BUDGET
FOR RIDGEWAY TOWERS, IA-50-3.
WHEREAS, actual income to the project for fiscal year 1981 was less
than project and expenses to operate the project were higher than anti-
cipated; and,
WHEREAS, the U. S. Department of Housing and Urban Development will
not fund the shortfall in excess of the operating subsidy allowed by
the Performance Funding System; and,
WHEREAS, it is not possible to close the books for fiscal year
1981 until the budget deficit is corrected,
NOW THEREFORE BE IT RESOLVED by the City Council of the City of.
Waterloo, Iowa, that:
1. The City of Waterloo, Iowa will contribute $3, 046 . 65 to the
Waterloo Housing Authority to help off-set the total budget deficit of
$8,046 . 65 ; and,
2. The City of Waterloo, Iowa concurs in the plan to fund the
remaining $5 , 000 deficit through an interest free loan from the Section
8 Administrative Reserve Account to the project, said loan to be paid
back at the rate of $760. 00 per year.
PASSED AND ADOPTED by the City Council of the City of Waterloo,
Iowa this 1st day of June, 1981, and approved by the Mayor this 1st day
of June , 1981.
Leo P. Rooff, Ma o
ATTEST:
/-"A"
Larry ur , CityC .rk
CERTIFICATE
I, Larry Burger_, City Clerk of the City of Waterloo, Iowa, do hereby
certify that attached hereto is a true and complete copy of
Resolution No. as passed and adopted by the City Council
of the City of Waterloo , Iowa, on the 1st day of June , 1981.
Witness My Hand and Seal of Office this 1st day of June, 1981.
AC
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SEAL C`lfy Ier