LETTER TO ASSOCIATION REGARDING LINE OF CREDIT
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CITY OF CLEARWATER
CLEARWATER MUNICIPAL MARINA, 25 CAUSEWAY BOULEVARD, CLEARWATER, FLORIDA 33767
TELEPHONE (727) 462-6954 FAX (727) 462-6957
MARINE & AVIATION
DEPARTMENT
Ms. Barbara Short, President
Clearwater Community Sailing Association, Inc.
1001 Gulf Boulevard
Clearwater, Florida 33767
January 23, 2003
Dear Ms. Short:
The City of Clearwater hereby grants to the Clearwater Community Sailing Association,
(CCSA) the right, privilege and permission to enter into an agreement for a line of credit in
the amount of $50,000 the terms of which follow.
1. The above granted permission is for the purpose of paying salaries. Permission is effective
commencing upon approval of the City of Clearwater Commission on January 23, 2003 and
ending September 30, 2005.
2. Upon the request of the Clearwater Community Sailing Association, and upon approval by the
Marine and Aviation Director, the Finance Department will issue a check to the Association.
Interest will be calculated on a quarterly basis at the cash pool earnings rate (FY02=4.77%) and
posted to the line of credit balance.
3. The Marine and Aviation Department will monitor the line of credit to insure that it is only being
used to pay salaries for authorized employees, and that payments are received by the City from
the Association as funds are available..
5. The line of credit must be repaid to the City by the end of the initial three-year term that expires
September 30, 2005. In order to insure that the line of credit is repaid by September 30, 2005,
the following table represents the maximum line of credit balance during the last year.
December 31 , 2004
March 31, 2005
June 30, 2005
September 30, 2005
$25,000
$20,000
$10,000
$ -0-
?te:.ely, _
t!'~':B. ~~:a:
William B. Horne II
City Manager
CCSA
APpriZd and Acce t
By: D4- 7..
Date: , '2- O.
WBH/cy
BRIAN]. AUNGST, MAYOR-COMMISSIONER
WHITNEY GRAY, VICE MAYOR-COMMISSIONER HoYT HAMILTON, COMMISSIONER
FRANK HIBBARD, COMMISSIONER * BILL]ONSON, COMMISSIONER
"EQUAL EMPLOYMENT AND AFFIRMATNE ACTION EMPLOYER"