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* <br /> c <br /> � COUNCIL INFORMATION MEMORANDUM <br /> #2003-135 <br /> December 4, 2003 <br /> TO: The Honorable Mayor and City Council Members <br /> i <br /> FROM: Steve G City Manager <br /> John Cou , orporation Counse��c� <br /> RE: Note Order <br /> As the Council is aware, the City has a Ten Million Dollar line of credit with the National <br /> City Bank. Previously, the City accessed this line of credit for Seven Hundred Thousand Dollars, <br /> which resulted in a note for that amount to the Bank. That note ha.d a maturity of one year. The <br /> City and the Bank wish to "roll over" that first loan amount, paying only the interest and not the <br /> principle. In order to accomplish that, it is necessary (under the provisions of our line of credit <br /> agreement) to issue another note and cancel the first one. The Note Order that accompanies this <br /> memo authorizes the issuance of that new note. <br /> If any Councilmember has any questions about this transaction, please call John Couter at <br /> 424-2807. <br /> Attachment <br />