File #: RES 20-040    Version: 1 Name: Resolution (AUB Bank Loans)
Type: Resolution Status: Agenda Ready
File created: 10/4/2020 In control: City Council
On agenda: 10/13/2020 Final action: 10/13/2020
Title: Consider a resolution for interest rate modifications for two existing bank loans.
Attachments: 1. Memorandum, 2. Resolution, 3. Harrisonburg Rate Reset 2012 Allonge, 4. Harrisonburg Rate Reset 2017B Allonge, 5. Executed Resolution

Subject:

Title

Consider a resolution for interest rate modifications for two existing bank loans.

Body

Presented By:  City Staff

Recommendation and Review

Atlantic Union Bank (AUB) has agreed to interest rate modifications for two bank loans that are currently outstanding with AUB. AUB has agreed to reduce the interest rate on the Series 2012 Bond from 2.2% to 1.079% and on the Series 2017B Bond from 2.94% to 1.62%.