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AGENDA ITEM IF <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 12/20/04 <br />TOPIC Resolution 04 -188 Authorizing the Closing of 1996A <br />Improvement Bonds Debt Service Fund <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />The City established the 1996A Improvement Bonds Debt Service Fund (Fund 314) was <br />established to account for debt service payments on the G.O. Improvement Bonds Series1996A. <br />Tthe G.O. Improvement Bonds Series1996A have been refinanced with the G.O. Improvement <br />and Refunding Bonds, Series 2003A. The final payment has been made on the original <br />bond issue and no further activity is anticipated in these funds. <br />It is standard accounting practice to close refunded debt service funds to the new debt <br />service fund of the refunding issue in accordance with generally accepted accounting <br />principals. In this case, the Improvement and Refunding Bond 2003A Debt Service <br />Fund is the appropriate fund into which this debt service fund should be closed. <br />Therefore, it is staff's recommendation that the City Council adopt Resolution 04 -188 <br />authorizing the closing of this fund and the residual equity transfer resulting from the <br />closure. <br />OPTIONS <br />1. Adopt Resolution 04 -188 Authorizing the Closing Of 1996A Debt Service Fund <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution 04 -188. <br />RECOMMENDATION <br />Option 1 <br />