Agenda Item #13
Tax Anticipation Notes - Series 2010
Revenues from Tax Anticipation Notes (TAN) provide short-term financing to meet anticipated cash flow needs of the General Fund during the early months of the fiscal year and will help cover operating costs and cash flow deficits during the months of July through October prior to the collection of tax revenues. The District receives its tax revenues beginning in late November of the fiscal year. Historically, there has been a need to issue anywhere from $15 million to $45 million in TAN in any fiscal year to cover these cash flow deficits.
Approve a resolution authorizing the sale of Tax Anticipation Notes (TAN), Series 2010, not to exceed $50 million in face value of the notes, to provide interim funding for the payment of operating expenses during the first half of the fiscal year; approve the form of documents in connection with the issuance of the notes; and delegate authority to the Associate Superintendent of Financial Services, or authorized, to accept the most favorable bid for the notes, subject to certain restrictions, and to take all necessary actions in connection with the sale of the notes.
Information - 7/20/2010
Consent after Information8/10/2010
Authority for Action
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Operating - Other
Ruth Chapman, Accounting Supervisor, ext. 654
Jo Ann Clark, Director of Accounting Services, ext. 660
Judy Preston, Associate Superintendent of Financial Services, ext. 600