938 Budget Amend 2010 NSP GrantCITY OF YELM
ORDINANCE NO. 938
AN ORDINANCE of the City of Yelm amending the 2009/2010 City of
Yelm Budget, adopted by Ordinance No. 898 (12/09) by adjusting the
appropriations and expenditures to account for the CTED grant
funding.
WHEREAS, Washington State Department of Community, Trade and Economic
Development (herein known as CTED) and U.S. Department of Housing and
Urban Development (HUD) entered into an agreement with the City of Yelm in
2009 to facilitate the use of federal grant funding known as the Neighborhood
Stabilization Plan (NSP) to the City of Yelm ;and
WHEREAS, receipt of the grant funding was reimbursed from the HUD as
expenses were incurred; and
WHEREAS, City of Yelm was to use NSP funds to underwrite down-payment
assistance loans to eligible buyers of foreclosed properties; and
WHEREAS, the loans would have a zero interest rate and payments would be
deferred until the sale or transfer of the property; and
WHEREAS, there were not enough qualifying buyers to fully utilize the NSP
Grant therefore requiring an adjustment to the CTED agreement; and
WHEREAS, the CTED agreement was revised to authorize the purchase of three
homes by the City of Yelm to be managed by anon-profit organization; and
WHEREAS, a budget amendment was not completed at the close of the 2010
budget year for the $640,505.00 grant amount;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF YELM, WASHINGTON
DO ORDAIN AS FOLLOWS:
Section 1. The 2009/2010 City of Yelm Budget is amended by the appropriations,
and expenditures of the operation of the government of the City of Yelm
for the fiscal year ending December 31, 2010, for the following CTED
grant funding in the amount of $640,505.00:
Revenue 197 333 14 25 01 $640,505.00
Expenditure 197 559 20 41 01 $640,505.00
Section 2. Ratify and Confirmation Clause -Any action taken pursuant to this
ordinance but prior to the effective date is hereby ratified and confirmed.
City of Yelm Ordinance No. 938 Page 1 of 2
PASSED and signed in Authentication on this 12th day of July, 2011.
~~
Ron Hardi ayor
Authenticated: ~L ~i
nine Schnepf, City CI r
Published Nisqually Valley News, July 22, 2011
Effective; July 27, 2011
City of Yelm Ordinance No. 938 Page 2 of 2