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• <br /> Form #: B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: FINANCE DATE: SEPTEMBER 10, 2018 <br /> STAFF CONTACT: CHRIS NAKANO PHONE: 933-6240 <br /> A. REQUEST: <br /> INCREASE TRANSFER TO DEBT SERVICE-GENERAL SERIAL BOND REDEMPTION <br /> 010.801.5803.02.341 BY $201,421.60 DUE TO DEPARTMENT OF WATER SUPPLY REQUEST TO <br /> PAYOFF HAPPY HOMES USDA LOAN #9 (GENERAL OBLIGATION BOND 2004D). THERE WILL BE AN <br /> CORRESPONDING INCREASE TO REVENUE ACCOUNT 010.3609.32 REIMBURSEMENT DEBT <br /> SERVICE-DWS. WE ARE REQUESTING THAT THE FINANCE COMMITTEE BE WAIVED DUE TO THE <br /> TIMING OF THIS TRANSACTION. <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> ECONOMIC BENEFIT TO EARLY PAYOFF OF THE LOAN AS THE INTEREST RATE ON THE LOAN IS <br /> 4.5%, WHICH IS HIGHER THAN THE INTEREST EARNED ON INVESTMENTS. <br /> SIGNED: DATE: �� � ir <br /> Department Head <br />