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WHEREAS, this Council has previously authorized the expenditure of <br />federal Innovative Housing Program funds for the Short-term Revolving <br />Rental Repair Loan Program; and <br />WHEREAS, this program will produce income from the repayments of the <br />original loans; and <br />WHEREAS, this Council considers it to have been the original intention <br />that said program was established as a "revolving" fund, in order that such <br />repayments might be used for the continuation of the program; now, therefore, <br />be it <br />RESOLVED by the Council of the City of Charlottesville, Virginia, that: <br />1. Income received from the repayment of loans in the aforesaid <br />program shall be credited to the following designated account <br />in the Innovative Housing Program Fund: <br />Short-term Revolving Rental <br />Repair Loan Program 22-72050 <br />and may thereafter be expended for the same purposes and upon <br />the same terms and conditions as funds originally appropriated <br />or allocated to said program. <br />2. The Director of Finance and The Director of Planning and <br />Community Development are hereby authorized and directed to <br />take whatever steps may be necessary, consistent with applicable <br />federal regulations, to implement the intention of Council <br />expressed herein. <br />Atteste: <br />Clerk of Council <br />0 <br />ADOPTED BY COUNCIL <br />APRIL 5, 19E2 <br />