RESOLUTION NUMBER: 6665-2025
CITY OF SEBASTOPOL
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEBASTOPOL APPROVING A PAYMENT OF $210,000 TO PAY-OFF
INFRASTRUCURE DEBT EARLY AND APPROVING A BUDGET AMENDMENT TO VARIOUS FUNDS IN A TOTAL AMOUNT OF $210,000
WHEREAS, on May 16, 2006, the City Council adopted a resolution authorizing lease financing for various public improvements in the amount of $2,880,000, with an interest rate of 4.85% for 20 years; and WHEREAS, on May 18, 2021 the City adopted a resolution authorizing refinancing of the City 2006 lease financing in the amount of $1,109,000, with an interest rate of 1.1%, with total annual payments of $211,293, and the debt paid in full on June 1, 2026,; and
WHEREAS, the City’s fire station is collateral for the lease financing; and WHEREAS, because ownership of the fire station will be transferred to the Gold Ridge Fire Protection District on July 1, 2025 as part of the fire reorganization, the City must either: 1) pay-off the debt early, or 2) substitute other city property as collateral for the debt and maintain the current pay-off schedule; and WHREAS, staff has determined that it is financially and operationally beneficial for the City to pay-off the lease financing debt early, by making a $210,000 payment that would otherwise be due in FY 25-26; and WHEREAS, the staff is requesting a budget adjustment of $210,000 from various funds to settle the City’s debt financing obligation. This adjustment will ensure that the necessary funds are allocated to cover debt obligation as follows:
• General Fund: Account code 100-99-71-6100 for the principal amount of $56,700 • Park in Lieu Fund: Account code 212-99-71-6100 for the interest amount of $27,300 • Water Fund: Account code 500-99-71-6100 for the interest amount of $67,200 • Wastewater Fund: Account code 510-99-71-6100 for the interest amount of $58,800 NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Sebastopol does hereby approve a budget amendment of $210,000 identified in the accounts listed.
BE IT FURTHER RESOLVED that the City Council authorizes the City Manager, or designee, to make an unscheduled payment of $210,000 prior to June 30, 2025 in order to pay-off the outstanding lease financing debt.
The above and foregoing Resolution was duly passed, approved, and adopted at a meeting by the City Council on the 20th day of May, 2025, by the following vote:
I, the undersigned, hereby certify that the foregoing Resolution was duly adopted by the City of Sebastopol City Council by the following vote:
VOTE:
Ayes:
Noes:
Absent:
Abstain:
Councilmembers Carter, Hinton, Maurer, Vice Mayor McLewis and Mayor Zollman None
None
None
Docusign Envelope ID: A36DBF6D-040A-4E36-9A21-FE4543028856 APPROVED:
Stephen Zollman, Mayor
ATTEST:
Mary Gourley, Assistant City Manager/City Clerk, MMC
APPROVED AS TO FORM:
Alex Mog, City Attorney
Docusign Envelope ID: A36DBF6D-040A-4E36-9A21-FE4543028856 Truist Governmental Finance
2713-B Forest Hills Road
Wilson, NC 27893
Dear Valued Client,
Sincerely,
Truist Governmental Finance
Enclosure(s)
Please include a copy of the payoff quote or reference the contract number with your payment.
As a courtesy, we will prepare one complimentary payoff quote per contract. Subsequent payoff quote requests may be subject to a processing fee due when the payoff is requested.
We appreciate your business and look forward to continuing to serve your finance needs. 5/8/2025
City of Sebastopol
Thank you for choosing Truist Bank as your financial provider. Enclosed is the payoff quote you requested. Please note that the payoff quote is subject to change.
The payoff quote provides the amount required to repay the referenced loan or specified collateral as of the stated payoff date. If funds will be received after the stated payoff date, kindly add the per diem amount to the total payoff amount for each additional day thereafter.
Once funds for the total payoff amount are received and validated, indebtedness in connection with the collateral will be satisfied provided that it does not secure another active loan.
Docusign Envelope ID: A36DBF6D-040A-4E36-9A21-FE4543028856 Date: 5/8/2025
9905000443-00001
City of Sebastopol
David Brown
6/30/2025
$209,818.00
+ $185.92
+ $0.00
+ $105,489.71
- $0.00
$315,493.63
$6.41
Wire Instructions: Remit to Address:
Bank Name: Truist Bank Truist Governmental Finance
BNF Name: Truist Governmental Finance Mail Code: 100-50-02-56 BNF Physical Address: 5130 Parkway Plaza Blvd. 2713-B Forest Hills Rd Charlotte, NC 28217 Wilson, NC 27893
ABA: 053101121
BNF Account: 0005203964953
Thank you for choosing Truist Governmental Finance.
Quoted By:
Quote For Payoff Date of:
Principal Balance:
Client Name:
Truist Bank
Governmental Finance
2713-B Forest Hill Road
Wilson, NC 27893
PAYOFF QUOTE
Contract Number:
Accrued Interest:
Prepayment Premium:
Project Fund Balance:
Outstanding Payments:
Please remit funds to Truist Governmental Finance via certified check or wire transfer, and reference the contract number.
Total Payoff:
Per Diem:
This payoff quote is subject to change and is governed by the original contract terms and conditions.
Docusign Envelope ID: A36DBF6D-040A-4E36-9A21-FE4543028856