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<br /> 7A <br /> Page 3 <br /> 3. The City could payoff the loan to Bay Area bank but direct staff to negotiate with PAL a loan <br /> repayment schedule to the City and other terms and conditions, different than those recommended <br /> herein. <br /> Fiscal Impact <br /> In 2003 the City refinanced approximately $6.9 million of outstanding bonds that were issued in <br /> 1991. In addition to refinancing these bonds to take advantage of lower interest rates, the City <br /> also borrowed $2.9 million to loan to the Redevelopment Agency to finance a portion of the <br /> downtown revitalization and borrowed $1.5 million to set aside funds to payoff the construction <br /> loan from Bay Area Bank to PAL. If not used to payoff the construction loan, it would be <br /> possible to use these funds for other capital projects at the City Council's discretion. <br /> I!( U /] ., <br /> ~l4&~ iilfwt <br /> Carlos G. Bolanos Rosanne Foust Ed Everett <br /> Police Chief Vice Mayor City Manager <br /> "- .....__...-.._... -. <br />