Res 00-15HTHE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF MOUND
RESOLUTION
RESOLUTION FORGIVING THE BALANCE DUE ON A LOAN FROM
THE HRA LEVY FUND IN THE AMOUNT OF $12,822.85.
WHEREAS, the Mound Housing and Redevelopment Authority has a loan
borrowed from the it's levy fund; and
WHEREAS, that amount is a debt against the housing authority therefore is
an amount deducted from the amount considered it's reserve amount; and
WHEREAS, HUD has stated that starting next year a lower reserve amount
will cause a penalty in the amount the housing authority receives for capital
improvements; and
WHEREAS, this loan from the levy fund can be legally used by Indian Knoll
Manor and does not have to be paid back.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners that
t~ance of this loan in the amount of $12,822.85 be forgiven for all time.
Pat Meisel, Chairperson Date
K/a~ol Charon, ~x~cutive Director
Date