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CITY OF CASSELBERRY <br />Budget Amendment Request <br />BA # 11-045 <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 Hancock 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 Lake Concord. It has a principal balance of <br />$2,277,000 and interest is paid semi-annually at a rate of 5%. Fund balance reserves have <br />accumulated sufficient to pay-off the note while maintaining the minimum fund balance reserve <br />requirement. The City Commission expressed support to pay off the note at its workshop on July <br />11, 2011. If not satisfied the loan would have to be refinanced before its maturity date of <br />October 1, 2011. <br />Increase: <br />Account Number Account Description Amount <br />001-0190-517.71-23 Principle - Land Acq. Note, Series 2008 $2,277,000 <br />001-0 i 9v-5 117.72-2 3 interest - Land Acq. Note, Series 2008 $ 37,119 <br />Increase: <br />Account Number Account Description Amount <br />001-0000-389.90-00 Other Non-operating Sources $2,314,119 <br />l <br />REQUESTED BY. - r�-�` Date: 1 <br />,,,Department Head <br />FINANCE DEPT Date:�1''� <br />�a <br />COMMISSION ACTION: <br />approved denied ,Rate: o / <br />Finance Use Only: entered by: date: count: <br />