Budget Amendment - MRC Loan Approval of an amendment to the Fiscal Year 2014 budget to appropriate $221,000 from reserves for a loan from the City of Marietta to the Marietta Redevelopment Corporation consistent with the Forbearance Agreement and consistent with the terms detailed in the Memorandum of Understanding between the Bank of North Georgia, City of Marietta and the Marietta Redevelopment Corporation. Philip Goldstein owns stock jointly in Synovis. Philip Goldstein placed an order on 11-20-2013 to sell the stock he individually owned on 11-21-2013. Said company is the parent of Bank of North Ga. If the stock in Synovis owned jointly was sold, the amount attributable to Philip Goldstein from his ownership portion would continue to be under the State reporting requirement based on the stock price when checked on 11-21-2013. As I have reduced the value of what is owned, I am providing this for disclosure purposes even though it is not required and I am not prohibited from participating in the matter.

Committee

FINANCE/INVESTMENTS COMMITTEE

Requested by

Finance Department

Introduced

December 16, 2013

Passed

January 8, 2014

Enactment no.

Ord 7716