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REQUEST FOR COUNCIL ACTION <br />Date: ����I1�'��� <br />Item No: 4.e <br />Department ApprovaL Manager Approved: Agenda Section: <br />��`;���., �� , - �, <br />—,., <br />� �'� �� �-. ��_..�. ���# �`;��� . �'ta['�[�l <br />Item Description: Closing the City's Tax Increment Financing (TIF) Bond Fund <br />Introduction <br />In 2001, the City Council closed several of the City's e�sting tax increment financing (TIF) <br />districts. Preceding that action, the Council also authorized the early redemption (payof� of all <br />remaining obligations on the City's TIF Bonds, with excess monies that had accumulated <br />through several TIF districts over a number of years. <br />In preparing the related files for archival purposes, it is clear that the Council formally approved <br />all of the necessary actions to defease the bonds and decertify the districts. However, it's <br />somewhat uncertain as to whether the Council formally authorized bv resolution the transfer of <br />excess funds to pay off the bonds, and to close the TIF Bond Fund. In the interest of fixlly- <br />documenting the City's intentions at the time, Staff is recommending that the Council adopt a <br />resolution re-authorizing the transfer of funds and closing the City's TIF Bond Fund. The related <br />bookkeeping entries would be reflected on the City's 2004 financial statements. <br />The attached documents show the accounting entries that were made on the City's 2001-2003 <br />financial statements to defease the bonds. As is evident, the City needed to transfer excess funds <br />from its Economic Increments Construction Fund to pay off the bonds. <br />The action being requested is procedural in nature, and only re-affirms the actions and intent of <br />the prior Council. As requested by the Council on 3/28/O5, resolutions authorizing the early <br />redemption of the TIF Bonds and decertification for selected TIF districts are included. In <br />addition, a slight revision to the attached resolution has been made to reference previous council <br />actions. <br />Attachments <br />1) Attachment A— Excerpts of the City's 2001, 2002, and 2003 Annual Financial Report <br />denoting the intended transfer, final debt payment, and amount needed to close the TIF <br />Bond Fund <br />2) Attachment B— Resolution #9956 approving the early redemption of the City's TIF <br />Bonds <br />3) Attachment C� Resolution #9966 approving the decertification of selected TIF districts <br />Council Action Requested <br />Approve the attached resolution authorizing the transfer of funds from the City's Economic <br />Increments Construction Fund, to the City's Tax Increment Financing (TIF) Bond Fund, and to <br />close the TIF Bond Fund. <br />