HomeMy WebLinkAbout2002-09-09 Ordinance 4761ORDINANCE NO. 4761
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 2002-03 TO
TRANSFER AN APPROPRIATION OF $150 1000 FROM THE
RESIDENTIAL HOUSING IN-LIEU FUND FOR THE ESTABLISHMENT OF
A NEW \\BELOW MARKET RATE (BMR) PROGRAM EMERGENCY FUND II
WHEREAS I pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto l the Council on June 171
2002 did adopt a budget for fiscal year 2002-03; and
WHEREAS I the preservation
ownership units implements the
policies of the City of Palo
Consolidated Plan; and
of the stock of affordable BMR
housing conservation goals and
Alto/s Comprehensive Plan and
WHEREAS I large mandatory assessments for capital repairs and
improve~ents are a financial hardship for some owners of BMR units
with low incomes and/or very limited assets; and
WHEREAS I without financial assistance from the City through
the provision of loans to pay the assessments l some BMR owners may
be forced to sell their units or may default on their property
obligations; and
WHEREAS I on August 6 1 2002 1 Council indicated an interest in
providing emergency financial assistance to BMR owners unable to pay
for assessments without undue hardship; and
WHEREAS I an appropriation of funds is requested from the
Residential Housing In-Lieu Fund on a one-time basis for the
establishment of a new special revenue fund titled "Below Market
Rate Program Emergency Fund u ; and
WHEREAS I City Council authorization is needed to amend the
2002-03 budget and to establish a new special revenue fund as
hereinafter set forth.
NOW I THEREFORE I the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION 1. The Below Market Rate Program Emergency Fund is
hereby created.
SECTION 2. The sum of $150 1 000 is hereby transferred from the
Residential Housing In-Lieu Fund to non-salary expenses in the Below
Market Rate Program Emergency Fund.
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SECTION 3. This transaction will reduce the Residential Housing
In-Lieu Fund reserve from $1,565,238.25 to $1,415,238.25.
SECTION 4. As specified in Section 2.28.080 (a) of the Palo
Alto Municipal Code, a two-thirds vote of the City Council is
required to adopt this ordinance.
SECTION 5. The Council of the City of Palo Alto hereby finds
that this project is exempt from the provisions of the California
Environmental Quality Act, and therefor, no environmental impact
assessment is necessary.
SECTION 6. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED:
AYES:
NOES:
ABSTENTIONS:
NOT PARTICIPATING:
ABSENT:
ATTEST:
City Clerk
THIS DOCUMENT IS CERTIFIED TO BE AN
ORDINANCE DULY PASSED BYTHE COUNCIL.
0:;":;:: CITY 0:= PALO ALT AND "~,.,. ",.,.,. "., r"''' ('OSTED r, IL . ,. "'I~_~~ .,~~ ';;\(
(:1<,. ·,;;.:f~S ON (WITHIN 1ft
" 'V:: ',1' ITS PASSAGE)
'I ; . ,'I (or rlec!nre) under penalty
September 9, 2002
Beecham, Kishimoto, Kleinberg, Lytle,
Morton, Mossar, Ojakian
BURCH, FREEMAN
APPROVED:
May~
City Manager
Direc r of Planning and
Community Environment
..
0' . ~r:' ,hui the foregoing is true .. '. ~
jo '"~a Palll-(U;if1 ~'. 'II . J~ I.e. s~e. 2