Title
Approval of Water Fund Loan Payoffs
Body
SUMMARY: The water and sewer fund has a sufficient balance to pay off some of the older loans. The finance director has chosen 4 loans that equal $1,396,591 for payoff. This will save about $14,400 cash flow for each month. It will also save approximately $200,000 of interest over the lives of these four loans.
BUDGET ACCOUNT: Debit: 413-23117 $404,309
413-23120 $344,092
413-23122 $484,658
413-23240 $163,532
Credit 999-11211
Recommended Action
NECESSARY COUNCIL ACTION: Approve payoff of the loans