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• <br />• <br />CONSENT AGENDA ITEM 1D <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 12/12/05 <br />TOPIC Resolution No. 05 -189 Authorizing the Transfer of Funds <br />from the Area and Unit Fund to the 1998A 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 debt was to be retired using special assessments to <br />benefited properties and resources of the Area and Unit Fund. This fund is currently in <br />a deficit situation. Resolution 05 -189 would transfer the necessary funds from the Area <br />and Unit Fund to eliminate this deficit. <br />The amount of the transfer is $375,000. It is staff's recommendation that the City <br />Council approve Resolution 05 -189 authorizing this transfer. <br />OPTIONS <br />1. Adopt Resolution 05 -189 Transferring funds from the Area and Unit fund to the <br />1998A G.O. Improvement Bond fund to eliminate the deficit. <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution 05 -189. <br />RECOMMENDATION <br />Option 1 <br />