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, , . <br /> At their February 25, 2013 meeting, the Finance Committee expressed support for this <br /> recommended interest rate increase and directed staff to prepare necessary documents <br /> to bring the proposal to the full Council for consideration. <br /> Accordingly, staff prepared a First Amendment to Note to reflect the new interest rate of <br /> LAIF plus 2.5%, and a First Amendment to Deed of Trust to secure this Amended Note. <br /> ALTERNATIVES <br /> The Council may reject this recommendation to increase the interest on the loan and <br /> direct staff to "call" the loan. <br /> FISCAL IMPACT <br /> Increase general fund interest income by $42,500 annually (declining as principal is <br /> repaid). This change will be effective October 1, 2013 and apply to Note payments due <br /> for July—September 2013. <br /> ENVIRONMENTAL REVIEW <br /> This activity is not a project under CEQA as defined in CEQA Guidelines, section <br /> 15378, because it has no potential for resulting in either a direct or foreseeable physical <br /> change in the environment. <br /> � �`'t--��, <br /> BRIAN PONTY <br /> DIRECTOR OF FINANCE <br /> `�� �..,c-� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENTS <br /> 1. 1St Amendment to the Note Secured by Deed of Trust <br /> 2. 1 St Amendment to the Leasehold Deed of Trust <br /> RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br /> None <br />