May 24, 2004
BOARD MEETING DATE:
June 8, 2004
Honorable Board of Supervisors
Resolution Providing for Issuance of Ravenswood City School District 2004-05 Tax and Revenue Anticipation Notes
Adopt a resolution providing for the issuance of Ravenswood City School District, County of San Mateo, 2004-05 Tax and Revenue Anticipation Notes.
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 use and 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 school district pledges any taxes, income or revenue for payment of the Notes, and the Notes are a general obligation of the school district.
The Governing Board of the Ravenswood City School District passed a resolution on March 30, 2004, requesting the borrowing of funds not to exceed $10 million through the issuance of 2004-05 Tax and Revenue Anticipation Notes. The recommended resolution authorizes issuance of the TRANS, approves the form of the notes and the sale of the notes at a public sale, and authorizes the necessary signatures and other actions to finalize the issuance.
A copy of the District's Resolution is enclosed with this memo.
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.
The TRANS are not an obligation of the County and have no fiscal impact for the County.