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Meeting Date:	08/26/2019
paying off note for life downs
Submitted for:	Rose Magana	Submitted By:	Rose Magana
Department:	Commissioners Court

Subject:

Discussion and possible action to authorize the payment of the remaining note balance that was incurred as part of the management agreement with Laredo International Fair and Exposition, Inc. in the approximate amount of $57,600.00 payable to the United States Department of Agriculture for improvements made to the LIFE Pavilion Building (a/k/a LIFE Student Activity Center); with additional action to authorize budget amendment, by Order, necessary to process payment and any other matters incident thereto. [Account #1001-1100-001-443000-365 Repairs & Maintenance Life Downs) and #1001-1130-001-431007-010 (Operational Reserve)]

Issue: In attempt to decrease expenses for the next fiscal year, this note would be best paid off with the remaining amount in the Life Downs account and any difference needed from the operational reserve line item.

Solution: Process line item transfer in order to pay off note.

Result: Paid off balance and no need to process monthly payments for note while accruing interest.

Background:

n/a

Previous Court Action:

Fiscal Impact

Budget Account Number:	n/a
Funding Source:	n/a
Balance:	n/a
Financial Impact:
n/a