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COUNTY OF SAN MATEOInter-Departmental Correspondence |
COUNTY COUNSEL |
DATE: |
August 22, 2003 |
BOARD MEETING DATE: |
September 9, 2003 |
TO: |
Honorable Board of Supervisors |
FROM: |
County Counsel |
SUBJECT: |
San Mateo County Community College District 2003-04 Tax and Revenue Anticipation Notes |
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Recommendation |
Adopt a resolution providing for the issuance of San Mateo County Community College District, County of San Mateo, 2003-04 Tax and Revenue Anticipation Notes. |
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Background |
Pursuant to state statute, 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 San Mateo County Community College District passed a resolution on August 20, 2003, requesting the borrowing of funds not to exceed $20 million through the issuance of 2003-04 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 providing access to educational opportunity and goal number 4: Providing educational and training opportunities beyond high school. |
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Fiscal Impact |
The TRANS are not an obligation of the County and have no fiscal impact for the County. |