Title
A Resolution Authorizing the Payoff of Certain Debts of the City of Foley
Summary
The Finance department and the City Administrator are requesting permission to payoff the $3,500,000 balance on the emergency line of credit held at The First, and the payoff of a note payable with PowerSouth in the amount of $84,583.06 requiring a budget increase of $78,750. The line of credit will still be open and available for draws up to $10,000,000 for emergency purposes only as determined by City Council.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
__X__ Not budgeted requiring increase to account #_various accounts.
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requestin...
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