Laserfiche WebLink
CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> RESOLUTION NO. 96-126 <br /> <br /> RESOLUTION ADOPTING A POLICY FOR <br /> REVERSION OF ASSETS ACQUIRED WITH <br /> FEDERAL FUNDS <br /> <br />WHEREAS, the City receives periodic grants of federal funds through programs such as <br /> the Community Development Block Grant (CDBG), Housing Opporttmities <br /> Made Easy (HOME), and other programs to assist local housing and <br /> community development efforts; and <br /> <br />WHEREAS, these federal funds are frequently made available to local non-profit <br /> agencies to provide services and housing to low-income Pleasanton <br /> residents; and <br /> <br />WHEREAS, the City enters into agreements with all sub-grantees to establish provisions <br /> and restrictions regarding the use of federal funds which are allocated to the <br /> City for specific uses and purposes; and <br /> <br />WHEREAS, it is appropriate to establish provisions regarding the term of the City's <br /> interest in these funds and the method for recording that interest for all <br /> assets which are acquired through federal funds allocated to the City; and <br /> <br />WHEREAS, at its meeting of November 19, 1996, the City Council reviewed the report <br /> of the Housing Division (SR 96:320) regarding a recommended policy for <br /> reversion of assets acquired with federal funds; <br /> <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> RESOLVES AS FOLLOWS: <br /> <br /> Section 1: Council adopts the policy for reversion of assets acquired with federal <br /> funds as shown in Exhibit A. <br /> <br /> Section 2: This resolution shall become effective immediately upon its passage and <br /> adoption. <br /> <br /> <br />