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6.4.D. - Page 2 <br /> year immediately succeeding the year when the General Fund produces an operating <br /> surplus (when revenues and transfers-in are greater than expenditures and transfers- <br /> out). Payments would only be made on a yearly basis when the General Fund <br /> generates an operating surplus in the prior year, and until the outstanding loan is repaid <br /> in full. <br /> The amount repaid each year will be determined by the City Manager but will not <br /> exceed the operating surplus generated in the preceding year. <br /> ALTERNATIVES <br /> The Council may elect not to approve the interfund loan agreement. Doing so would <br /> result in the General Fund not absorbing the cost of the EIPs which would be counter to <br /> the Council's intention. <br /> FISCAL IMPACT <br /> The repayment of this loan will come from surpluses in the General Fund. The <br /> repayment will be deferred until years when the general fund has the financial capacity <br /> to make these payments. <br /> ENVIRONMENTAL IMPACT <br /> Not a project under the California Environmental Quality Act. <br /> � �`�--`-- <br /> � <br /> BRIAN PONTY <br /> DIRECTOR OF FINANCE <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. Resolution memorializing the interfund loan and giving the City Manager <br /> authorization to repay the loan <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />