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CASSELBERRY CITY COMMISSION <br />Minutes of September 8, 2008 - Regular Meeting <br />Page 13 of 17 <br />MOTION: Vice Mayor Hufford moved to adopt Resolution 08- <br />1928, as presented, establishing the tentative budget for <br />Fiscal Year 2008 - 2009. Motion was seconded by <br />Commissioner Solomon. Motion carried unanimously <br />by voice vote 5 - 0. <br />Mayor Goff announced that the City of Casselberry has adopted a tentative budget for Fiscal Year 2008 - <br />2009. The City Commission will hold a final public hearing on Monday, September 22, 2008 at 7:00 p.m. <br />in City Hall Commission Chambers located at 95 Triplet Lake Drive. At the conclusion of that hearing, the <br />City Commission intends to adopt a final budget for Fiscal Year 2008 - 2009. All interested parties are <br />invited to attend. <br />10. FIRST READING OF ORDINANCES <br />No items were placed on the agenda. <br />11. RESOLUTIONS <br />A. Resolution 08-1925 - Refinancing of Land Acquisition Note Series 2005 (Concord <br />Center) and Related Budget Transfer Amendment #08-068 <br />The City Clerk read Resolution 08-1925 by title as follows: <br />"A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, AUTHORIZING THE <br />BORROWING OF MONEY FOR THE PURPOSE OF REFINANCING THE CITY'S <br />LAND ACQUISITION NOTE, SERIES 2005 WHICH WAS ORIGINALLY ISSUED TO <br />FINANCE THE COSTS OF ACQUISITION OF CERTAIN PROPERTY WITHIN THE <br />CITY; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br />AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF A <br />PROMISSORY NOTE TO EVIDENCE THE CITY'S OBLIGATION UNDER THE LOAN <br />AGREEMENT, SUCH NOTE TO BE A LIMITED OBLIGATION OF THE CITY <br />PAYABLE FROM LEGALLY AVAILABLE NON -AD VALOREM REVENUES AS <br />PLEDGED HEREIN; PROVIDING FOR THE RIGHTS AND SECURITIES OF THE <br />OWNER OF THE NOTE; MAKING CERTAIN COVENANTS AND AGREEMENTS <br />FOR THE BENEFIT OF THE OWNER OF THE NOTE; AND PROVIDING FOR AN <br />EFFECTIVE DATE." <br />Staff Presentation: Mr. Randy Newlon, Finance Director stated Resolution 08-1925 provides for execution <br />of a note payable to Hancock Bank in order to refinance the $2,257,000 Bank of America Land Acquisition <br />Note, Series 2005, issued on September 13, 2005. The loan proceeds were used to purchase the parcel of <br />land on Lake Concord described as the Concord Center. The note is scheduled to mature and become <br />entirely payable on September 13, 2008. The proposal from Hancock Bank meets the City's terms and <br />