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RESOLUTION NO. 903 OF 2014

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RESOLUTION NO. 903 OF 2014
RESOLUTION REGARDING USE OF CITY OF RUSTON SECTION 8 HOUSING CHOICE VOUCHER PROGRAM ADMINISTRATIVE RESERVES FOR HOUSING ASSISTANCE PAYMENTS
WHEREAS, the City of Ruston (“City”) Section 8 Housing Choice Voucher Program (the “Program”) is currently experiencing a short-term financial shortfall, in that monthly housing assistance payments (“HAP”) are exceeding monthly HAP revenues from the Department of Housing and Urban Development (“HUD”); and,
WHEREAS, the Program has administrative reserves in excess of $500,000; and,
WHEREAS, HUD has recommended and approved the use of a portion of the Program's administrative reserves to cover the short-term financial shortfall; and,
WHEREAS, the City has calculated the need of an amount not to exceed $75,000 of the Program's administrative reserves to cover the short-term financial shortfall;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF RUSTON, LOUISIANA:
1. The City use the Program's administrative reserves as needed in an amount not to exceed $75,000 to cover the short-term financial shortfall of the Program.
2. This Resolution shall become effective upon final adoption and signature of the Mayor.
Said Resolution having been read and considered by a quorum of the Board of Aldermen, on motion to adopt by Alderman Jedd Lewis, and seconded by Alderman Jim Pearce, a record vote was taken and the following result was had:
YEA: ALDERWOMAN GLENDA HOWARD
ALDERMAN JEDD LEWIS
ALDERMAN JIM PEARCE
ALDERWOMAN MARIE S. RIGGS
NAY: NONE
ABSENT: NONE
The office of Alderman of District 2 is vacant by reason of the death of Elmore Mayfield.
WHEREUPON, the presiding officer declared the above Resolution duly adopted in full on this the 7th day of July, 2014.
ATTEST:
EMMETT GIBBS, CLERK DAN HOLLINGSWORTH, MAYOR
1td: July 11, 2014

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