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<br />MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR COUNCILI <br />AGENCY ACTION <br /> <br />MAY 1, 2006 <br /> <br />TITLE: <br /> <br />APPROVED <br />D As Recommended <br />D As Amended <br />D Ordinance on 1st Reading <br />D Ordinance on 2nd Reading <br />D Implemen1ing Resolution <br />D Set Public Hearing For <br /> <br />PAYMENT TO EDUCATIONAL REVENUE <br />AUGMENTATION FUND <br /> <br />Q~~~~~ <br /> <br />RECOMMENDED ACTION <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />CITY COUNCIL ACTION <br /> <br />Approve an appropriation adjustment transferring loan funds from the Low <br />and Moderate-Income Housing Fund to redevelopment project area funds to <br />make the necessary payment to the County Educational Revenue Augmentation <br />Fund as required by legislation implementing the California State Budget <br />for FY 2004-2005. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br /> <br />Adopt a resolution finding that borrowing $3,330,894.37 in Housing Set- <br />Aside Funds to make the FY 2005-2006 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <br /> <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br /> <br />1. Recommended that the City Council approve an appropriation <br />adjustment transferring loan funds from the Low and Moderate-Income <br />Housing Fund to redevelopment project area funds to make the <br />necessary payment to the County Educational Revenue Augmentation <br />Fund as required by legislation implementing the California State <br />Budget for FY 2004-2005. <br /> <br />80A-1 <br />