DATE: May 25, 2021
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller-Treasurer-Tax Collector
SUBJECT: Fiscal Year 2021-22 Tax and 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 2021-22 tax and revenue anticipation notes on a federally taxable or tax-exempt basis in one or more series in an amount not exceeding $130,000,000 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 $130,000,000 (principal amount only), such debt, plus interest, to be repaid by the County on June 30, 2022. Such approval includes approval of the form of a bond offering document known as the Preliminary Official Statement for the TRAN and the form of other related documents discussed below, and authorizes the Auditor-Controller/Treasurer-Tax Collector (ACTTC), 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.
The draft Preliminary Official Statement for the TRAN that is presented to your Board with this item has attached to it the County's restated Financial Report for the fiscal year ended June 30, 2020, that is before your Board for receipt and filing in a separate item today.
ALTERNATIVE ACTION(S):
Your Board may choose to delay this matter to a later date. The TRAN is being presented to your Board at this time because the market is favorable. The ACTTC cannot predict the conditions of the market if the item is delayed and it could result in a higher interest rate an...
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