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1/25/2016 <br /> RESOLUTION NO. 15470 <br /> RESOLUTION APPROVING AN APPROPRIATION AMENDMENT <br /> TRANSFERRING $25,268 FROM THE U N A S S I G N E D <br /> P O R T I O N O F T H E CITY'S GENERAL FUND TO THE <br /> COMMUNITY DEVELOPMENT A D M I N I S T R A T I O N F O R <br /> M E M B E R S H I P D U E S FOR THE PURPOSE OF PROVIDING <br /> FUNDING FOR AFFORDABLE HOUSING OPPORTUNITIES AND <br /> AUTHORIZING A ONE-TIME COMMITMENT OF $25,268 TO THE <br /> HOUSING ENDOWMENT AND TRUST <br /> WHEREAS in 2003 the City of Redwood City entered into an agreement with <br /> twenty other local government agencies to establish the Housing Endowment and Trust <br /> of San Mateo County, a Joint Powers Authority, hereafter referred to as "HEART"; and <br /> WHEREAS, HEART was created to provide charitable support for affordable <br /> housing on behalf of inember agencies in San Mateo County, including Redwood City; <br /> and <br /> WHEREAS, this Council has reviewed the recommendation by City Staff to set <br /> aside a portion of the City's General Fund for affordable housing and desires to <br /> evidence approval thereof. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF REDWOOD CITY AS FOLLOWS: <br /> i n 1. That the sum of Twenty-Five Thousand Two Hundred Sixty-Eight <br /> Dollars ($25,268) shall be appropriated from the fund balance in the City's General <br /> Fund for a one-time contribution to HEART. <br /> Section 2. That the same sum of Twenty-Five Thousand Two Hundred <br /> Sixty-Eight Dollars ($25,268) shall be allocated from the unassigned portion of the <br /> General Fund to Community Development Administration, from which account the City <br /> shall make the one-time contribution to HEART referenced in Section 1 above. <br /> i n . This resolution shall be effective immediately upon adoption. <br /> * * * <br /> ATTY/RES0.0002/CC RESO HEART RESO.#15470 <br /> REV:01-13-16 JR MUFF#453 <br /> Page 1 of 1 <br />