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<br />4. Contains other miscellaneous provisions. <br /> <br />7A <br />Page 3 <br /> <br />ALTERNATIVES <br />Should the Council elect not to participate in the Prop 1A Securitization program the <br />City will lose $2.9 million in property taxes this year and absent any other Council action <br />will experience a concurrent reduction in general fund reserves. These funds will be <br />paid back by June 30, 2013 with interest (20/0 per year). <br /> <br />FISCAL IMPACT <br />Participating in the program will enable the City to completely offset the loss of the $2.9 <br />million of property taxes that the State will be shifting from the City this year. <br /> <br />B!:o{r <br /> <br />Director of Finance <br /> <br />peter~ <br />City Manager <br /> <br />ATTACHMENTS <br />1. Resolution approving the City's participation in the State's Proposition 1A <br />Securitization Program <br />2. Proposition 1 A Sale and Purchase Agreement <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />None <br />