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2 <br />rate quoted by BB&T in the refinancing would be 3.69% and would result in savings as outlined <br />in the financial impact section below and mentioned above. A copy of the modification <br />agreement and required Board Resolution is attached. <br />FINANCIAL IMPACT: There will be no savings in the current fiscal year since the payment due <br />in February will be made as required. Current estimates are that annual savings beginning in <br />the 2005-2006 fiscal year will be approximately $58,600 with a total savings of approximately <br />$410,700 over the remaining 7-year term. <br />RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution and <br />approve the modification agreement with BB&T and authorize the Chair and Finance Director to <br />sign.