FOUR FIFTHS VOTE REQUIREMENT Approval of a Budget Amendment to Appropriate and Re Allocate Pre 2011 Bond Proceeds Pursuant to the Master Agreements Between the City and the Successor Agency to the Culver City Redevelopment Agency. Item Number: C 2 City of Culver City California Agenda Item Report Meeting Date: 07/13/15 CITY COUNCIL AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Approval of a Budget Amendment to Appropriate and Re Allocate Pre 2011 Bond Proceeds Pursuant to the Master Agreements Between the City and the Successor Agency to the Culver City Redevelopment Agency. Contact Person/Dept.: Jeff Muir/Finance Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (07/08/15) Department Approval: Jeff Muir (07/02/15) Chief Financial Officer Approval: Jeff Muir (07/02/15) Phone Number: (310) 253 5865 General Fund: Yes No X Attachments: City Attorney Approval: Carol Schwab (by H. Baker) (07/06/15) City Manager Approval: John M. Nachbar (07/07/15) Action Item: RECOMMENDATION: Staff recommends the City Council approve a budget amendment to appropriate and re allocate pre 2011 bond proceeds pursuant to the Master Agreements between the City and the Successor Agency to the Culver City Redevelopment Agency (Successor Agency). A budget amendment requires a 4/5ths vote. BACKGROUND: At the time the former Culver City Redevelopment Agency (Former CCRA) was dissolved in February 2012 there existed certain unexpended tax exempt bond proceeds from bond issues prior to 2011. Under the provisions of the Dissolution Law a successor agency is able to spend pre 2011 bond proceeds once it receives a Finding of Completion from the State Department of Finance (DOF). On December 5 2013 the Successor Agency received a Finding of Completion from the DOF. On June 23 2014 the Successor Agency Board and City Council adopted respective resolutions approving a Master Agreement in order to a...
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