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12. C. GENERAL SERVICES - NONE <br />12.1. HUMAN RESOURCES - NONE <br />12.E. HUMAN SERVICES - NONE <br />12.F. LEISURE SERVICES - NONE <br />12.G. OFFICE OF MANAGEMENT AND BUDGET <br />12. G.1. RECREATIONAL REVENUE REFUNDING BONDS, SERIES 2003, <br />CONSIDERATION OF EARLY PAYOFF WITH INTERFUND LOAN FROM <br />GENERAL FUND <br />Management and Budget Director Jason Brown, accompanied by Assistant County <br />Administrator Mike Zito, presented an analysis regarding the early payoff of the remaining <br />bonds outstanding during this fiscal year, to provide an interest savings for the Sandridge Golf <br />Course Director Brown responded to questions from the Board <br />ON MOTION by Commissioner Solari, SECONDED by <br />Chairman Flescher, the Board unanimously: (1) authorized <br />staff to begin the process of calling the remaining Recreational <br />Revenue Refunding Bonds, Series 2003 in the amount of <br />$1,565,000 that become callable on September 1, 2013; (2) <br />authorized an Interfund Loan from General Fund reserves in <br />the amount of $1,565,000 at an interest rate of 2.5% per year; <br />(3) approved this loan to be repaid by the Golf Course on the <br />same schedule as the current bond issue, as presented on the <br />debt service schedule; and (4) authorized a budget amendment <br />to allocate funding for the transaction from General Fund Cash <br />Forward, all as recommended in the memorandum of July 9, <br />2013. <br />July 16, 2013 15 <br />8K 144 PG 105 <br />