DATE: May 26, 2020
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Fiscal Year 2020-21 Tax Revenue Anticipation Notes Issuance
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute Resolution Providing For The Issuance And Sale Of County of Fresno 2020-21 Tax And Revenue Anticipation Notes In One Or More Series In An Amount Not Exceeding $129,000,000 And Approving A Form Of A Preliminary Official Statement And Certain Other Matters Related Thereto.
REPORT
Your Board's approval of the recommended resolution would authorize the County's issuance and sale of the tax and revenue anticipation notes (TRAN) in one or more series, in an amount not exceeding $129,000,000 (principal amount only), such debt, plus interest, to be repaid June 30, 2021. Such approval includes approval of the form of a Preliminary Official Statement for the TRAN and the form of other related documents discussed below, and authorizes the Auditor-Controller/Treasurer-Tax Collector, the County Administrative Officer, and the Chairman to take any and all actions and execute any and all documents, that are necessary to the issuance and sale of the TRAN in one or more series as provided in the recommended resolution. This item is Countywide.
ALTERNATIVE ACTION(S):
There are no other viable options. If your Board does not approve the County's sale and issuance of Tax Revenue Anticipation Notes (TRAN) at the proposed maximum amount stated above, the County General Fund will not have sufficient operating cash prior to the County's receipt of the first installment of property tax revenues on December 10, 2020.
FISCAL IMPACT:
There will be no additional Net County Costs associated with this recommended action. Sufficient appropriations are available within the Interest and Miscellaneous Expenditures Org 2540 to pay for the services and other costs associated with issuing this proposed debt.
The County's is...
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