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• <br />• <br />CONSENT AGENDA ITEM 1F <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 12/14/09 <br />TOPIC Resolution No. 09 -109 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. In some instances, special assessments may be deferred until the <br />affected property develops, leaving a trunk fund or another fund to temporarily fund the debt <br />service. Because of this, the 2005B fund is currently in a deficit situation. Resolution No. 09- <br />109 would transfer the necessary funds from the Area and Unit Fund to temporarily fund the <br />debt service and eliminate this deficit. <br />The amount of the transfer is $447,400.00. It is staff's recommendation that the City Council <br />approve Resolution No. 09 -109 authorizing this transfer. <br />OPTIONS <br />1. Adopt Resolution No. 09 -109. <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution No. 09 -109. <br />RECOMMENDATION <br />Option 1 <br />