HomeMy WebLinkAbout14-79 RESOLUTION•
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RESOLUTION NO. q - g
A RESOLUTION AUTHORIZING
EXECUTE AN AGREEMENT WITH THE
DEVELOPMENT TO REPAY $257,496.
DEVELOPMENT DEPARTMENT OVER A
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THE MAYOR AND CITY CLERK TO
DEPARTMENT OF HOUSING AND URBAN
27 TO THE CITY COMMUNITY
SEVEN YEAR PERIOD.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized
and directed to execute an agreement with the Department of
Housing and Urban Development to repay $257,496.27 to the
City Community Development Department over a 7 year period.
A copy of said agreement is attached hereto, marked Exhibit
A, and made a part hereof.
PASSED AND APPROVED this ! day of {Th(,y , 1979.
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APPROVED:
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DATE t 1979
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AGREEMENT
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This Agreement entered into by the City of Fayetteville, Arkansas,
hereinafter referred to as "City", and the Department of Housing and
Urban Development, United States Government, hereinafter referred to as
is dated the .2 xeir day of
114441C. , 1979.
WITNESSETH
WHEREAS, it has been determined that the City's total expenditure of
Community Development Block Grant Funds for Streets, Sidewalks, and
Drainage amounted to $465,299.27 for the years 1975, 1976, and 1977;
WHEREAS, it has been determined by HUD that only $207,803.00 of such
expenditures for Streets, Sidewalks, and Drainage were eligible under
the City's Community Development Block Grant Program.
WHEREAS, the City recognizes the ineligible expenditures of $257,496.27
for Streets, Sidewalks, and Drainage and is willing to repay such sum
to the City's Community Development Block Grant account according to a
schedule set forth hereinbelow.
NOW, THEREFORE, the City and HUD hereby mutually agree as follows:
1. The City agrees to repay to the Community Development Block Grant
account the sum of $36,785.18 annually for a period of seven years.
2. The first payment shall be paid by the City to the Community Develop-
ment Block Grant account within 30 days of the date of this Agreement.
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3. All subsequent annual payments shall be due no later than February 1,
beginning on February 1, 1980 and continuing through 1985.
4. If, during the term of this Agreement, HUD revises its regulations or
interpretation of its regulations to eliminate the repayment of costs or
expenditures determined to be ineligible, HUD hereby agrees to examine the
provisions of this Agreement in light of the changed circumstances.
5. This Agreement shall not constitute a waiver of HUD's rights under
Section 111 of the Housing and Community Development Act of 1974, as
amended.
IN WITNESS WHEREOF, the parties by these presents have executed the
Agreement on the date hereinabove shown.
ATTEST:
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CITY OF FAYETTEVILLE, ARKANSAS
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(Name)
(Title)
JU Ayo IZ
Area Man
Little Rack Area Office
DEPT. OF HOUSING & URBAN DEVELOPMENT
74274
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