HomeMy WebLinkAbout1991-37 Establishing Affordable Housing Trust Account
RESOLUTION NO. 91-.37
A RESOLUTION ESTABLISHING AN AFFORDABLE HOUSING TRUST
ACCOUNT WITHIN THE CAPITAL IMPROVEMENT FUND.
WHEREAS, the Park Place affordable housing project is estimated to
generate a net surplus of $45,000 through the sale of city-
owned land; and
WHEREAS, it is the desire of the City Council to earmark these funds
for additional projects or activities envisioned by the
Committee on Affordable Housing.
NOW THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
City of Ashland as follows:
SECTION 1. All surplus funds received from the sale of city-owned
land for the Park Place project, after the reimbursement of previously
incurred City expenses from the project, shall be maintained in the
Capital Improvement Fund as a separate project account.
SECTION 2. All future expenditures from said project account shall be
for projects or activities pertaining to affordable housing and
approved by the City Council.
The foregoing Resolution was READ and DULY ADOPTED at a regular
meeting of the Ashland City Council on the 17th day of September,
1991.
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Nan E. Franklin
City Recorder
SIGNED and APPROVED this ~~ay of September, 1991.
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( Catherine M. Golden
Mayor