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REQUEST FOR COUNCIL/ <br />AGENCY ACTION <br />MEETING DATE: <br />MAY 1, 2006 <br />PAYMENT TO EDUCATIONAL REVENUE <br />AUGMENTATION FUND <br />t "!ta % <br />Poca[ton Is, <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />YZ As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1 st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />�f CONTINUED TO <br />FILE NUMBER <br />CITY MANAGER �p�,FXECUTI E DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <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 />COMMUNITY REDEVELOPMENT AGENCY ACTION <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 />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />1. Recommended that the City Council appro <br />adjustment transferring loan funds from the Lc <br />Housing Fund to redevelopment project area <br />necessary payment to the County Educational <br />Fund as required by legislation implementing <br />Budget for FY 2004 -2005. <br />4 -1 <br />e an appropriation <br />a and Moderate- Income <br />funds to make the <br />Revenue Augmentation <br />the California State <br />