7. Income from Sale of JAFI and UIA owned Public Housing and other Capital Assets

WHEREAS under a resolution dated February 24th, 2000, the Board of Governors reiterated that

1. All income from the sale of JAFI and UIA owned public housing and other Capital assets shall be applied solely for debt retirement, reduction of bank indebtedness of JAFI and UIA, reduction of other balance sheet liabilities, as of 31 December 1999, of JAFI and employee-related expenses arising from the sale of Amigour managed public housing;

2. Income from the sale of said assets shall not be included in the income line of JAFI budget.

AND WHEREAS from time to time there is a need to maintain and improve Capital assets which are not currently designated for sale and to purchase Capital assets to facilitate JAFI activities;

THEREFORE IT HAS BEEN APPROVED AS FOLLOWS

1. The abovementioned resolution of the Board of Governors dated February 24th, 2000 shall be amended such that income from the sale of Capital assets, other than from the sale of JAFI and UIA owned public housing, may also be applied to the capital budget of JAFI.

2. No income from the sale of said assets shall be included in the income line  of the JAFI budget.

 

 

 

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17 Feb 2005 / 8 Adar 5765 0