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interest rates will rise again soon. The payoff at this point would result in$250,000 in <br /> interest savings, as well as free up the principal payment that was made annually. <br /> Authorization was requested to amend the budget so the Town could pay off the Town <br /> Hall facility by Friday, September 16, 2011. IF the action is not taken at this time, the <br /> next opportunity would be in March 2012. <br /> Council discussion ensued about the urgency of the matter, the Town's current assets and <br /> encumbrances,potential forecasts and emergency situations. <br /> Director Pegueros stated that the Town currently has three loans; one for Town Hall, a <br /> second loan through the CEC for the solar panels and a third with CEC for the solar <br /> panels at Westwind Barn. Further,he stated that the action would take from the <br /> unreserved, undesignated funds which are currently at four million dollars. Additionally, <br /> there is an emergency and operating contingency reserve of$1.6 million, which is held <br /> when needed in the event of an emergency. <br /> City Manager Carl Cahill stated that in the past three to four years, substantial money has <br /> been spent on Parks and Recreation facilities and pathways construction, all of which <br /> were not completely necessary, or avoidable costs. Further,he stated that if this payment <br /> is made, the Town will still have substantial reserves and the amount that would have <br /> been used as a payment could now be returned to savings. <br /> MOTION SECONDED AND CARRIED: Motion by Mordo, seconded by Larsen and <br /> passed unanimously to Approve a Resolution to Amend the City Council Adopted 2011- <br /> 12 Budget in the amount of$1,224,708.24 to Prepay Lease Agreement#04-070-AF dated <br /> September 16, 2004 for the Construction of the Town Hall Facility and Authorizing the <br /> City Manager to Transmit Payment to the Lender, City National Bank. <br /> 4. ADJOURNMENT <br /> There being no further business, the meeting was adjourned by the consensus of the City Council <br /> at 2:30 p.m. <br /> Respectfully submitted, <br /> Deborah Padovan <br /> City Clerk <br /> The minutes of the September 15, 2011 special City Council meeting were approved as presented <br /> at the October 20, 2011 City Council meeting. <br /> 2 City Council Special Meeting Minutes <br /> September 15,2011 <br />