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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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County Counsel
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DATE:
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May 9, 2005
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BOARD MEETING DATE:
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May 24, 2005
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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County Counsel
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SUBJECT:
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Resolution Authorizing Issuance and Competitive Sale of Sequoia Union High School District 2005 Tax and Revenue Anticipation Notes
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RECOMMENDATION:
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Adopt a resolution authorizing the issuance and competitive sale of Sequoia Union High School District 2005 Tax and Revenue Anticipation Notes in an amount not-to-exceed $18,000,000.
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VISION ALIGNMENT:
Commitment: Sow the seeds of our future prosperity.
Goal 19: The skill level of new workers rises with improved K-12 education and training options.
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The issuance and sale of Tax and Revenue Anticipation Notes by the Sequoia Union High School District will increase the funds currently available to the District and thereby support the District’s operating budget.
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BACKGROUND:
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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 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.
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DISCUSSION:
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The Governing Board of the Sequoia Union High School District passed a resolution on April 20, 2005, requesting the borrowing of funds in an amount not-to-exceed $18,000,000 through the issuance of fiscal year 2005-2006 Tax and Revenue Anticipation Notes (“2005 TRANS”). This County resolution authorizes issuance of the 2005 TRANS, orders the sale of the 2005 TRANS by competitive bid, and authorizes the necessary signatures and other actions to finalize the issuance and sale.
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A copy of the District’s Resolution has been filed with the Clerk of the Board.
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FISCAL IMPACT:
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The TRANS are not an obligation of the County and have no fiscal impact on the County.
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