Resolution 4021 - Transfer Funds from CDGB Fund to UDAG Fund239
RESOLUTION NO. 4021
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO TRANSFER FUNDS
FROM THE OLD CDBG FUND 2880 TO THE UDAG FUND 2886.
WHEREAS, the City has excess cash of $41,671.34 in the CD at
First Federal Bank which is in excess of cash needed for the
guarantee of loans, and
WHEREAS, the excess cash is due from interest earnings on
CDBG funds deposited in 1979, and
WHEREAS, the appropriate use for these fund is in the
housing program, and the appropriate fund would be Fund 2886, and
WHEREAS, the City is authorized and required to transfer
funds from one fund to another only by resolution or ordinance,
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF KALISPELL as follows:
That the City Finance Director is hereby authorized and
directed to transfer the excess cash from the old CDBG Fund 2880
to the UDAG Fund 2886. These funds will be become cash reserves
of the UDAG Fund and may be appropriated at a later date.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND
APPROVED BY THE MAYOR THIS 21st DAY OF OCTOBER , 1991.
be sCs D. Rauthe,
ATTEST:
Amy H. Robertson,
Finance Director