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2003-217 Council Resolution
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2003-217 Council Resolution
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8/3/2015 9:58:20 AM
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8/3/2015 9:18:50 AM
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City Council
Council Document Type
Resolutions
Meeting Date
12/08/2003
Council Meeting Type
Regular
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• <br />CONSENT AGENDA ITEM 1C <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE 12/8/03 <br />TOPIC Resolution No. 03-217 Authorizing the Transfer of Funds <br />from the Area And Unit Fund to the 1999A G.O. <br />Improvement Bond Debt Service Fund <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />Each year a transfer is made into the 1999A Bond Fund to cover the deficit balance. <br />These bonds were originally sold to finance the West Central Trunk. In 1995, funds <br />were transferred to the Area and Unit Fund from TIF funds to defray the cost of the <br />trunk. <br />The transfer is to cover bond principal and interest payments only. <br />The amount of the transfer is $391,554. <br />• OPTIONS <br />1. Adopt Resolution 03-217 transferring funds from the Area and Unit fund to the <br />1999A G.O. Improvement Bond fund to eliminate the deficit. <br />2. Refer back to Staff for further consideration. <br />3. Deny Resolution 03-217. <br />RECOMMENDATION <br />Option 1. <br />• <br />
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