882 RES COP RELINQUISHED RIGHT TO A GRANT MADE BY HOUSING AND HOME FINANCE ADMINISTRATION OF THE GOVERNMENT OF THE U.S.

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40 s RESOLUTION NO. 882 A RESOLUTION BY THE CITY OF PARIS RELINQUISHING ITS RIGHT TO A GR.ANT MADE BY THE HOUSING AND HOME FINANCE ADMINISTRA- TION OF THE GOVERNMENT OF THE UNITED STATES, CONTAINII'JG ITS REASONS THEREFOR IN DECIDING NOT TO CALL AN ELECTION UNDER THE PROVISIONS OF HOUSE BIL.L NO. 70 TO ASCERTAIN WHETHER OR NOT THE ELECTORS DESIRE TO CONTINUE WITH THE UR.BAN RENEWAL PROJEC T IN THE WES T SHERMAN UR.BAN RENEWAL AREA IN THE CITY OF PARIS. WFiEREAS, the City Council did, by Resolution No, 789, authorize the making of a request for the reservation of capital grant funds from the Housing and Home Fina.nce Administration of the United States, for the pur« pose of ma.king surveys and procuring financial assistance in an area located in the City of Pa,ris and known as the West Sherma.n Urban Renewal Area and fully described by metes and bounds in Resolution No. 789; and, WHEREAS, a certa.in grant ha.s been set aside to the City of Paris in the sum of some Six Hindred Thousand Dollars under Title I of the Hwusing Act of 1949, as amended, and the Housing Act of 1954; and, WHEREAS, the City Council of the City of Paris did express its in.. tention in Resolution No. 790, on the 14th day of April, 1958, to call an election of the electorate, under House Bill No. 70, passed by the Fift.y.. Fifth Texa.s Legisla.ture, to ascertain whether or not the Electorate of the City of Paris was in favor of exercising its powers under the laws of the United Sta.tes of America and the provisions of House Bill No. 70, for the purpose of carrying on and completing an urban renewal project in said area; and, WHEREAS, the fina.ncial requirements have been heavier tha.n originally anticipated by the City of Paris, and the ta.xa.ble income muc:h lighter than anticipated by the City of Pa,ris; and, WHEREAS, at the time of the original beginning of the urban renewal project it was anticipated that a part of the Water and Sewer Prograni then in progress for the City of Paris could be utilized in ma,tching the grant funds of the Federal Government, in accordance with the Housing Act of 1949 and the Housing Act of 1954; and, WHEREAS, it was necessary to complete the Water and Sewer Program prior to the accepta,nce of said grant; and, WHEREAS, the City of Paris, does not, within the near future, antiA cipate sufficient revenues to carry out its portion of said urban renewal pro« ject; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF P.ARIS, TEXAS, Tha.t the City Council of the City of Paris does not anticipate the holding of an election under the provisions of House Bill No. 70 to detel-mine whether or not it will avail itself of the grant heretofore mentioned, and under Title I of the Housing Act of 1949 and the Housing Act of 1954, and the City Council does by this action advise the Housing and Home Finance Administrator that it does not find it now feasible or possible to continue said urban renewal project, and the City Counci.l, at this time, has no in•. tention of exercising the expenditure and use of the grant heretofore mzide