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The revolving line of credit will be for four years and the repayment period will be <br />extended past the four years but no later than ten years to all Advances plus interest to <br />be paid in full to the City. Finally, there will be no restrictions on prepayment of the <br />Advances at any time by the PUSD and the agreement will allow for Amendments if <br />needed during the duration of the agreement. <br />If it is determined to be financially feasible, the City will attempt to hire a third party <br />administrator to administer the revolving line of credit. All fees associated with the <br />administration of the revolving line of credit would be absorbed by the City and paid <br />from interest earnings on the $1.2 million loan. <br />Submitted by: <br />~~~~ <br />Emily E. Wagner <br />Fiscal Officer <br />Fiscal Review: <br />~ -,C <br />David P. Culver <br />Finance Director <br />Approv by: j <br />Nelson Fialho <br />City Manager <br />Attachment: <br />1. Revolving Line of Credit <br />Page 3 of 3 <br />