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o 020_60 <br />AN ORDINANCE ACCEPTING CARES ACT FUNDING IN THE AMOUNT OF <br />$8,235,862 AND APPROPRIATING SAID AMOUNT IN THE FY 2021 GRANTS <br />FUND FOR USE BY THE CITY IN ACCORDANCE WITH THE ACT. <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br />1. That it hereby accepts CARES Act funding in the amount of $8,235,862 <br />and appropriates said amount in the FY 2021 Grants Fund. <br />2. That the funds shall be used by the City in accordance with the Act. <br />3. That the City Manager is authorized to disburse not to exceed S 1,000,000 <br />of the funds at the direction of the Economic Development Authority, acting through the <br />Department of Economic Development, for the implementation of the COVID -19 <br />Business Recovery Grant Program. <br />4. That the funds appropriated by this ordinance shall be expended by <br />December 30, 2020 in accordance with the requirements of the CARES Act, unless the <br />federal and state governments extend the deadline for expenditure. <br />That no local match is required as a condition of the funding. <br />6. That estimated revenues and expenditures in the FY 2021 Grants Fund are <br />increased by $8,235,862. <br />7. That this ordinance shall take effect on the date of its adoption. <br />ADOPTED by the Council of the City of Portsmouth, Virginia at an electronic <br />meeting held on July 16, 2020. <br />Teste: <br />City Clerk <br />