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COUNTY OF SAN MATEOInter-Departmental Correspondence |
COUNTY COUNSEL |
DATE: |
May 14, 2003 |
BOARD MEETING DATE: |
June 10, 2003 |
TO: |
Honorable Board of Supervisors |
FROM: |
County Counsel |
SUBJECT: |
Hillsborough City School District 2003 Tax and Revenue Anticipation Notes |
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Recommendation |
Adopt a resolution providing for the issuance of Hillsborough City School District, County of San Mateo, 2003 Tax and Revenue Anticipation Notes. |
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Background |
Pursuant to state statue, a school district may borrow money by issuing Tax and Revenue Anticipation Notes (TRANS) for any purpose for which the school district is authorized to expend moneys, including but limited to current expenses, capital expenditures, and the discharge of any obligation or indebtedness of the school district. When issued by the school district individually, such notes must be issued in the name of the school district by the Board of Supervisors. The District pledges any taxes, income or revenue for payment of the Notes and the Notes are a general obligation of the School District. |
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Discussion |
The Governing Board of the Hillsborough City School District has passed a resolution on March 5, 2003, requesting the borrowing of funds not to exceed Seven Million Dollars ($7,000,000) through the issuance of 2003 Tax and Revenue Anticipation Notes. The attached resolution authorizes issuance of the TRANS, approves the form of the notes, the Contract of Purchase by negotiated sale, and authorizes the necessary signatures and other actions to finalize the issuance. |
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Vision Alignment |
The issuance and sale of these Tax and Revenue Anticipation Notes keeps the commitment to securing the seeds to our future prosperity and goal number 19: Improving K-12 education. |
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Fiscal Impact |
The TRANS are not an obligation of the County and have no fiscal impact for the County. |