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CITY OF CASSELBERR Y <br />Budget Amendment Request <br />BA # 11-046 <br />DATE: July 25, 2011 <br />TO: Barbara Lipscomb, City Manager <br />FROM: Randy Newlon, Finance Director <br />EXPLANATION OF REQUEST: Authorization is requested to utilize General Fund reserves <br />to pay-off the outstanding note payable to SunTrust Bank. The note payable is in the form of a <br />taxable, interest only note that is set to "balloon" at the end of FY 2011. The note is associated <br />with the acquisition of a parcel of land on Triplet Lake Drive and U.S. Highway 17-92. It has a <br />principal balance of $3,028,000 and interest is paid semi-annually at a rate of 4.683%. Fund <br />balance reserves have accumulated sufficiently to pay-off the note while maintaining the <br />minimum fund balance reserve requirement. The City Commission expressed support to pay off <br />the note at its workshop on July 11, 2011. If not satisfied the note would have to be refinanced <br />before its maturity date of October 1, 2011. <br />Increase: <br />Account Number <br />001-0190-517.72-22 <br />001-0190-517.72-22 <br />Increase: <br />Account Number <br />001-0000-389.90-00 <br />Account Description Amount <br />Principle — Sales Tax Ref Note, Series 2008 $3,028,000 <br />Interest — Sales T ax Ref Note, Series 2008 $ i 1,820 <br />Account Description <br />Other Non-operating Sources <br />REQUESTED BY <br />-department Head --- <br />FINANCE DEPT: <br />COMMISSION ACTION: <br />approved <br />denied <br />Finance Use Only: entered by: date: count: <br />Amount <br />$3,039,820 <br />Date: ? f 5'- 11 <br />Date: <br />