Title
A RESOLUTION TO AUTHORIZE THE CITY OF JONESBORO TO USE RESERVE FUND BALANCES TO FINANCE THE COST OR RELATED COST OF THE ICE STORM.
Body
HEREAS, the City of Jonesboro, Arkansas received ice storm related damage beginning January 27, 2009.
WHEREAS, FEMA has approved the reimbursement of 75% of costs incurred to the City of Jonesboro and ADEM has approved the reimbursement of 12.5% of the cost incurred to the City of Jonesboro;
WHEREAS, the City of Jonesboro will incur the remaining 12.5% of the net cost.
NOW BE IT RESOLVED by the City Council for the City of Jonesboro, Arkansas that:
SECTION ONE: The City of Jonesboro will use available reserve fund balances to finance the cost or related cost of the ice storm. All funds received from State and Federal disaster funds will be applied back to the appropriate fund. Thus, only the net cost, estimated to be 12.5% of all cost, will come from reserve fund balances.
SECTION TWO: There is hereby found and declared to be an immediate need for the distribution of said disaster funds to the appropriate accounts. It is, therefore, declared that an emergency exists and this Resolution being necessary for the immediate preservation of the public peace, health and safety shall be in force and effect immediately upon and after its passage.