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• <br />• <br />CITY COUNCIL <br />CONSENT AGENDA ITEM lE <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE December 10, 2012 <br />TOPIC Resolution No. 12 -119 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 bond issue. <br />The original debt was to be retired using special assessments to benefited properties and <br />resources of the Area and Unit Fund. The 2005B fund is currently in a deficit situation. <br />Resolution 12 -119 would transfer the necessary funds from the Area and Unit Fund to eliminate <br />this deficit. The amount of the transfer is $375,078.00. <br />RECOMMENDATION <br />Staff recommends approval of Resolution 12 -119. <br />ATTACHMENTS <br />Resolution 12 -119. <br />