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%.