RESOLUTION NO. 628-C

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, SITTING AS THE BOARD OF COMMISSIONERS OF THE HOUSING AUTHORITY OF THE COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION APPROVING THE INTER-FUND TRANSFER OF $850,000 (EITHER BY A DIRECT TRANSFER OR BY A LOAN) FROM THE HALF MOON BAY VILLAGE CASH AND OPERATING RESERVE TO THE MOVING TO WORK CASH AND OPERATING RESERVE

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RESOLVED, by the Board of Supervisors of the County of San Mateo, sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo, State of California, that

WHEREAS, the 2004 & 2005 Single Audit cited the Housing Authority for using tenant escrow restricted funds to cover Moving to Work operating expenses; and

WHEREAS, the Half Moon Bay Village has approximately $3.7 million in cash and operating reserve, which is in excess of its needs; and

WHEREAS, there exists a legitimate need to replenish the tenant escrow accounts in Moving to Work.

NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Commissioners of the Housing Authority approves the inter-fund transfer of $850,000, either by direct transfer or by a loan, from the Half Moon Bay Village Cash and Operating Reserve to the Moving to Work Cash and Operating Reserve.

BE IT FURTHER RESOLVED, that the Director of the Department of Housing shall be authorized to execute such documents and to take all actions necessary in connection with the proper transfer of funds hereby approved.

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