HomeMy WebLinkAboutR-2399 Providing Financial Assistance to City Housing Authority Through April 1973RESOLUTION NO, 2399 (1972 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF
SAN LUIS OBISPO PROVIDING FINANCIAL ASSISTANCE
TO CITY HOUSING AUTHORITY TO ASSURE CONTINUED
OPERATION OF HOUSING PROGRAM AT PRESENT LEVEL
THROUGH APRIL, 1973.
WHEREAS, the federal government is withholding certain supplemental subsidy
payments from the City Housing Authority, thereby endangering the financial ability
of the Authority to continue its housing program at its present level; and
WHEREAS, the said housing program provides a valuable public and municipal
service to the City and its residents; and
WHEREAS, this Council desires to provide a guarantee of financial assistance to
the Housing Authority to assure continued operation of its housing program through
April, 1973, by which time the federal government's intent in relation to payment of the
withheld subsidies should be more apparent.
NOW; THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
1. The City of San Luis Obispo hereby guarantees that it will provide a sun of up
to $6, 000 to the City Housing Authority if required by the Authority to continue operation
of its housing program through April 30, 1973. Any amount so provided shall be
considered to be a loan, repayable to the City if and when the federal government releases
the subsidy payments which are currently withheld. It is understood that the Housing
Authority will expend up to $3, 000 of its own reserves to continue the normal operation of
its housing program if the City provides funds to the Authority as hereinbefore authorized.
On motion of Councilman Brown, seconded by Councilman Graham, and on the
following roll call vote: \
AYES: Councilmen Make, Brown, Graham, Gurnee and Mayor Schwartz
NOES: None
ABSENT: None
the foregoing Resolution was duty passed
ATTEST:
this 20th day of November, 1972.
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