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• <br />CONSENT AGENDA ITEM 1 E <br />STAFF ORIGINATOR: Al Rolek <br />MEETING DATE: 12/8/08 <br />TOPIC: <br />Resolution No. 08 -136 Authorizing the Transfer of Funds <br />from the Area and Unit Fund to the 2005B G.O. <br />Improvement Bond Debt 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 <br />1998 improvement projects. The 1998A issue was subsequently refunded by the <br />2005B issue. The original debt was to be retired using special assessments to <br />benefited properties and resources of the Area and Unit Fund. The 2005B fund is <br />currently in a deficit situation. Resolution 08 -136 would transfer the necessary funds <br />from the Area and Unit Fund to eliminate this deficit. <br />• The amount of the transfer is $460,098.00. It is staff's recommendation that the City <br />Council approve Resolution 08 -136 authorizing this transfer. <br />OPTIONS <br />1. Adopt Resolution No. 08 -136. <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution No. 08 -136. <br />RECOMMENDATION <br />Option 1 <br />• <br />