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variable interest rate is currently at 3.85%, but is anticipated to continue to rise. The <br /> Federal Reserve is already forecasting at least two rate hikes in 2019. <br /> The participating cities of Dublin and Livermore have also provided the City with their <br /> approval to participate in HUD's upcoming public offering on March 28. <br /> If the City Council adopts the resolution authorizing participation in the new public <br /> offering to refinance the existing Section 108 Loan, HUD will provide the City with new <br /> loan documents for execution. All relevant documents, specifically including a Schedule <br /> P&I that reflects a current aggregate principal balance amount of $786,000, must be <br /> executed and submitted to HUD no later than March 11, 2019. In connection with the <br /> public offering, the City is required to remit the costs of the public offering as well as the <br /> next scheduled payment on the previously issued Note by March 27, 2019. HUD will <br /> notify the City the final remittance amount. The Secretary of HUD will notify the City its <br /> new fixed interest rate after the close of the March 28 public offering when the City is <br /> provided a new Principal and Interest Schedule. <br /> Environmental Impact <br /> This activity is not a project and is exempt from the California Environmental Quality Act <br /> (CEQA) pursuant to section 15378 (b)(4) of the CEQA Guidelines, because it involves <br /> governmental fiscal activities (approving funding mechanisms), which does not involve <br /> any commitment to any specific project which may result in a potentially significant <br /> physical impact on the environment. <br /> Submitted by: Fisc Review: Approved y: <br /> (ifriL <br /> Brian Dolan Tina Olson Nelson Fialho <br /> Assistant City Manager Finance Director City Manager <br /> Attachments: <br /> 1. Draft Resolution <br /> 2. HUD Schedule P&I <br /> Page 3of3 <br />