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8A <br /> Page 6 <br /> Redwood City Police Activities League <br /> �.�, <br /> � <br /> ,�.�., <br /> ,.;,.:�..�.::; ,.��,�. <br /> Redwood C�ty <br /> October 9, 2006 <br /> City of Redwood City <br /> Mayor Barbara Pierce <br /> City Council Members <br /> 1�17 Middlefisid Road <br /> Redwood City, CA 94063 <br /> Dear Mayor pierce and Co�ncil l�embers: <br /> The Redwood City Police Activities League(P.A.L.)Board of Directors has approved a <br /> repayrnent plan for the outstarzding loan of$�50,000 that is awed by the P.A.L. to the City of <br /> Redwood City. This plan was based on a recommendation from the P.A.L. finance committee <br /> after a review of the annual budget and the grojected fundraising activities. This plara accelerates <br /> the ioan repayment from 22 years down to 15 years. <br /> The P.A.L. will provide payments of'$50,000 per year for a total af 15 years. The initial payment <br /> of$50,000 for the firsf year wilt be made on January 1,20Q7. Tlie subsequent payments will be <br /> made quarterly start�g on January l, 2408 in amounts of$12,500 each quarter. The final <br /> payment will be made on C?ctober 1,2021.No interest will be accrued with this loan. <br /> A copy of the loan amorti�ation schedule is attached to this letter_ <br /> If the City Council agrees to this restructuring of the repayrnent,please have this lett�r executed <br /> by your authorized representaxive in the space below and reYurn the original to the undersigned. <br /> A fully executed copy will be returned to the City Clerk. <br /> We would like to thank the Mayor and members of the City Council for the continued support <br /> they have shown to the Redwood City P.A.L. and the youth of the Redwood City community. <br /> y�►�. L <br /> io arbara <br /> resident, Redwood City P.A.L. <br /> City Manager or Mayor <br /> City of Redwood City <br />