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<br />t.- <br /> 120 <br /> RESOLUTION 199 8. 70 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS AMENDING RESOLUTION 1997-104R WHICH APPROVED THE <br />ALLOCATION OF 1997 COMMUNITY DEVELOPMENT BLOCK GRANT <br />FUNDING TO REALLOCATE FUNDS FROM PHASE III OF THE <br />DOWNTOWN SIDEWALK PROJECT TO THE VICTORY <br />GARDENS/WALLACE STREET OVERLAY PROGRAM AND THE HILLS OF <br />HAYS PARK PROJECT; AND DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />1. The City Council adopted Resolution 1997-104R on June 23, 1997 which <br />approved the allocation of 1997 Community Development Block Grant (CDBG) funding. <br />2. The U.S. Department of Housing and Urban Development (HUD) has notified <br />the City that $657,000.00 of CDBG funding must be spent by July 31, 1998 in order for the <br />City to remain in full compliance with the CDBG Program. <br />30 In order to meet the funding drawdown schedule set by HUD it is necessary <br />to reallocate funds. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The amount of CDBG funding allocated for Phase III of the Downtown <br />Sidewalk Project for fiscal year 1997 is reduced from $380,000.00 to $80,000. <br />PART 2. That the following reallocation 1997 CDBG funding of $300,000 is <br />approved: <br />1. Victory Gardens and Wallace Addition Street Overlay $250,000.00 <br />2. Hills of Hays Park Project $ 50,000.00 <br />PART 3. This Resolution shall be in full force and effect from and after its <br />passage. <br />ADOPTED this the 13th day of April ,1998. <br /> ~~,~ <br /> Billy Go Moore <br /> Mayor <br />Attest: <br />of '0< ) IJ\)~--/ <br />¿)/lrUA) tr l A <br />Janis K. Womack <br />City Secretary <br />