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REQUEST FOR COUNCIL/ <br />AGENCY ACTION ~iea~ <br />~~pcaHon ls~ <br />MEETING DATE: `l~ fir' CLERK OF COUNCIL USE ONLY: <br />MAY 1, 2006 <br />TITLE: APPROVED <br />^ As Recommended <br />PAYMENT TO EDUCATIONAL REVENUE ^ As Amended <br />AUGMENTATION FUND ^ Ordinance on 1st Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />CITY MANAGER .16'~XECUTI~YE 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 2009-2005. <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 L< <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 />e an appropriation <br />o and Moderate-Income <br />funds to make the <br />Revenue Augmentation <br />the California State <br />80A-1 <br />