Laserfiche WebLink
Payment to Educational Revenue <br />Augmentation Fund <br />May 1, 2006 <br />Page 2 <br />2. Recommended that <br />resolution finding <br />Funds to make the <br />Augmentation Fund <br />revenue sources. <br />By a vote of 5:0 (Tur <br />April 18, 2006. <br />DISCUSSION <br />the Community Redevelopment Agency adopt a <br />that borrowing $3,330,894.37 in Housing Set -Aside <br />FY 2005 -2006 payment to the Educational Revenue <br />is necessary due to the insufficiency of other <br />zer and Yanez absent) at its Regular Meeting of <br />As a result of Senate Bill 1096 (SB 1096) implementing the California <br />State Budget for FY 2004 -2005, the Community Redevelopment Agency is <br />required to make a $3,330,894.37 payment to the County Educational <br />Revenue Augmentation Fund (ERAF) by May 10, 2006. The legislation allows <br />the Agency to borrow up to fifty percent of the amount required to be <br />allocated to the Low and Moderate - Income Housing Fund during FY 2005 -2006 <br />to make this payment. The funds may be borrowed for up to ten years. As <br />a condition of borrowing the funds from the Low and Moderate - Income <br />Housing Fund, the Agency must adopt a resolution making a finding that <br />there are insufficient other moneys to make the required payment. <br />The legislation implementing the State's FY 2004 -2005 budget authorized <br />the County Auditor /Controller to withhold property tax revenue from the <br />City's General Fund to the extent that the $3,330,894.37 payment is not <br />made by the Community Redevelopment Agency before May 10, 2006. <br />4 —Z <br />