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CITY COUNCIL <br />AGENDA ITEM 1G <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton <br /> <br />MEETING DATE: December 12, 2016 <br /> <br />TOPIC: Consider Resolution No. 16-160, Approving Transfers for Partial <br />Installment Payment on Interfund Loan for Recreation Complex <br />Land <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />BACKGROUND <br /> <br />In 1999, the City purchased land for the purpose of creating a recreation complex. A temporary <br />interfund loan was approved and was intended to be repaid through a successful park improvement <br />referendum. The referendum was held in 2001 and did not pass; therefore, it was the intent of the <br />City Could to approve a plan to repay the interfund loan. The City Council approved Resolution <br />No. 06-212 providing for the repayment of the interfund loan for the Recreation Complex land. The <br />attached Resolution No. 16-160 approves the transfers necessary to make the 2016 installment of <br />the approved repayment program. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends the approval of Resolution No. 16-160. <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 16-160, Approving Transfers for Partial Installment Payment on Interfund Loan <br />for Recreation Complex Land