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ERAF <br />May 4, 2009 <br />Page 2 <br />years. As a condition of borrowing the funds from the Low and Moderate-- <br />Income Housing Fund, the Agency must adopt a resolution making a finding <br />that there are insufficient other moneys to make the required payment. <br />The legislation implementing the State's FY 200$--2009 budget authorized <br />the County Auditor/Controller to withhold property tax revenue from the <br />City's General Fund to the extent that the $3,679,545 payment is not <br />made by the Community Redevelopment Agency before May 10, 2009. <br />FISCAL IMPACT <br />City/Agency approval of the appropriation adjustment and resolution will <br />enable staff" to make the $3,679,545 payment to the County Auditor for <br />deposit into the ERAF on or before May 10, 2009. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />rl~~~l <br />Nancy T. Edwards <br />Assistan Director <br />Community Development Agency <br />Francisco Gutierrez ~~ <br />Executive Director <br />Finance and Management Services Agency <br />CJN/NTE/EB/mlr <br />