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• <br />• <br />CONSENT AGENDA ITEM IF <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 11/28/11 <br />TOPIC Resolution No. 11 -120 Authorizing the Transfer of Funds from the <br />Area and Unit Fund to the 2005B G.O. Improvement Bond Debt <br />Service Fund <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />The 1998A Debt Service Fund was established to service the debt on the 1997 and 1998 <br />improvement projects. The 1998A issue was subsequently refunded by the 2005B issue. The <br />original debt was to be retired using special assessments to benefited properties and resources <br />of the Area and Unit Fund. The 2005B fund is currently in a deficit situation. Resolution 11 -120 <br />would transfer the necessary funds from the Area and Unit Fund to eliminate this deficit. <br />The amount of the transfer is $396,012.00. It is staff's recommendation that the City Council <br />approve Resolution 11 -120 authorizing this transfer. <br />OPTIONS <br />1. Adopt Resolution 11 -120. <br />2. Refer back to Staff for further consideration. <br />RECOMMENDATION <br />Option 1 <br />P21 <br />