COUNTY OF SAN MATEO

Inter-Departmental Correspondence

COUNTY COUNSEL

DATE:

April 28, 2004

BOARD MEETING DATE:

May 11, 2004

TO:

Honorable Board of Supervisors

FROM:

County Counsel

SUBJECT:

Resolution Providing for the Issuance and Sale of Sequoia Union High School District 2004 Tax and Revenue Anticipation Notes

Recommendation

Adopt a resolution providing for the issuance and sale of Sequoia Union High School District 2004 Tax and Revenue Anticipation Notes.

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 not 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.

Discussion

The Governing Board of the Sequoia Union High School District passed a resolution on March 31, 2004, requesting the borrowing of funds not to exceed $18,000,000 through the issuance of fiscal year 2004-2005 Tax and Revenue Anticipation Notes ("2004 TRANS"). This County resolution authorizes issuance of the 2004 TRANS, orders the sale of the 2004 TRANS by competitive bid, and authorizes the necessary signatures and other actions to finalize the issuance and sale. Forms of the Official Notice of Sale and the Continuing Disclosure Certificate have been provided at this time for informational purposes only.

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.

Fiscal Impact

The TRANS are not an obligation of the County and have no fiscal impact on the County.