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because it is calculated based upon a percentage of taxes collected on the Mermaid <br />and these were greater than expected. <br /> <br />Transfers from the TIF Districts to the debt service funds are slightly higher than budget <br />because paying agent and continuing disclosure expenses were higher than budget. <br /> <br />The resolution also amends the 2004 budget in order to have TIF District #3 make a <br />transfer to support debt service on the TIF bonds of 1996, Series B, instead of having <br />TIF District #1 make the transfer. This will avoid a buildup of cash in TIF District #3 <br />which might be considered to be excessive and would have to be rebated to Ramsey <br />County. <br /> <br />The Bonds of 1996, Series A and B, are considered pooled debt of the TIF districts and <br />may be supported by transfers from any of the districts. Resolution 6477 also amends <br />the 2004 budget of TIF District #3 to provide for the extra transfer. <br /> <br />Respectfully Submitted, <br /> <br /> <br />____________________ <br />Charles Hansen