HomeMy WebLinkAboutRES RDA 2006 171 2006 1206RESOLUTION NO. 2006 -171
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF MOORPARK, CALIFORNIA, AMENDING THE FISCAL
YEAR 2006/2007 BUDGET BY APPROPRIATING $86,000
FROM THE MRA AREA I - OPERATIONS (2902) FUND FOR
AGENCY'S EQUITY CONTRIBUTION TO 2006 TAX
ALLOCATION BONDS
WHEREAS, on June 21, 2006, the Moorpark Redevelopment Agency Board of
Directors adopted the Moorpark Redevelopment Agency budget for Fiscal Year
2006/2007; and
WHEREAS, the Redevelopment Agency of the City of Moorpark will be issuing
its 2006 Tax Allocation Bonds as qualified 501(c) (3) tax exempt obligations; and
WHEREAS, the Internal Revenue Code caps the amount of bond proceeds that
can be used on the costs of issuance of qualified 501(c)(3) bonds at 2 %; and
WHEREAS, in order to comply with the Internal Revenue Code and still issue the
bonds the Agency must contribute $86,000 to the costs of issuance of the bonds from
funds other then bond proceeds; and
WHEREAS, the Agency must amend the budget for this required contribution.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment in the total amount of $86,000 from the MRA
Area I - Operations Fund, as more particularly described in Exhibit "A ", attached hereto,
is hereby approved.
SECTION 2. The Agency S96retary shall certify
and shall cause a certified resoluti6n to be filed in the b
PASSED AND ADOPTED this 6th day of Dece
ATTEST:
the adopkion of tOis resolution
of origi Res utions.
Deborah S. Traffenstedt, gency Secretary ESTtj3USHED
MARCH I
Attachment: Exhibit "A" — Budget Amendment Deta
Resolution No. 2006 -171
Page 2
EXHIBIT A
BUDGET AMENDMENT FOR MRA AREA 1 — OPERATIONS
FY 2006 -07
FUND ALLOCATION FROM:
Fund
Account Number
Amount
MRA Area 1 - Operations
2902 -5500
$ 86,000.00
Total
$ 86,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE
ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
2902.2410.0000.9103
$ 36,500.00
$ 86,000.00
$ 122,500.00
Total
$ 36,500.00
$ 86,000.00
$ 122,500.00
Resolution No. 2006 -171
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, Secretary of the Redevelopment Agency of the City of
Moorpark, California, do hereby certify under penalty of perjury that the foregoing
Resolution No. 2006 -171 was adopted by the Redevelopment Agency of the City of
Moorpark at a regular meeting held on the 6th day of December, 2006, and that the
same was adopted by the following vote:
AYES: Agency Members Mikos, Millhouse, Parvin, Van Dam, and Chair
Hunter
NOES: None
ABSENT: None
ABSTAIN: None
2006.
WITNESS my hand and the official seal of said City this 15th day of December,
Deborah S. Traffenstedt,
Agency Secretary
(seal)
is ��