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Recommended Ac#ion: <br />1. Recommend that the City Council approve an appropriation <br />adjustment transferring loan funds from the Low and Moderate- <br />Income Housing Fund to redevelopment project area funds to make <br />the necessary payment to the County Educational Revenue <br />Augmentation Fund as required by legislation implementing the <br />California State Budget for FY 2004-2005. <br />2. Recommend that the Community Redevelopment Agency adopt a <br />resolution finding that borrowing $3,330,894.37 in Housing Set- <br />Aside Funds to make the FY 2005-2006 payment #o the Educational <br />Revenue Augmentation Fund is necessary due to the insufficiency <br />of other revenue sources, <br />MOT10N: Macres SECOND; Welty <br />VOTE: AYES: Jauregui, Macres, Sarmiento, Stroud, <br />Welty (5) <br />NOES: None (0) <br />ABSENT: Turner, Yanez (2) <br />MISCELLANEOUS ADMINISTRATION <br />~~ EXCUSED ABSENCES <br />Motion: Excuse the absences of Chairperson Turner and Commissioner Yanez <br />from the Regular Meeting of April 18, 200G. <br />MOTION; Sarmiento SECOND: Macres <br />VOTE: AYES: Jauregui, Macres, Sarmiento, Soto, Stroud <br />(5) <br />NOES: None (0) <br />ABSENT: Turner, Yanez (2) <br />~. <br />CRHC MINtJTES 4 <br />Apri118, 2DD6 <br />