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ORDINANCE NO. 16,198
224
AN ORDINANCE APPROPRIATING $300,000 FROM THE GENERAL
FUND WORKING CAPITAL RESERVE TO THE CDBG HOUSING
PROGRAM; DECLARING AN EMERGENCY; AND FOR OTHER
PURPOSES.
WHEREAS, Resolution No. 8,487 authorized the City Manager to apply to the
U. S. Department of Housing and Urban Development for a $1,800,000 loan grant for future CDBG
grants under Section 108 of the Housing and Urban Development Act Title 1; and
WHEREAS, the U. S. Department of Housing and Urban Development has informed the
City that funding of their loan has been delayed and an interim bank loan to be guaranteed by HUD
is being negotiated; and
WHEREAS, there is an urgent need to increase efforts to preserve existing housing stock
within the City of Little Rock.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
OF LITTLE ROCK, ARKANSAS:
SECTION 1. There is hereby appropriated $300,000 from the General Fund Working
Capital Reserve to the CDBG Housing Program. This $300,000 shall be repaid and restored to the
City's Working Capital Reserve as soon as the CDBG interim bank loan or $1,800,000 loan from
the U. S. Department of Housing and Urban Development is funded.
SECTION 2. It is hereby declared that an emergency exists, and this ordinance being
necessary for the preservation of the public welfare, peace, health and safety, shall take effect and
be in force from and after the date of its passage.
PASSED: April 7, 1992
ATTEST:
0 D . e G_ &_
CITY CLERK ROBBIE HANCOCK
APPROVED AS TO FORM:
THOMAS MTHOMAS M. CARPENTER
CITY ATTORNEY
APPROVED:
Q/LDi1.J � —
YOR SHARON PRIEST
056
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