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File #: 23-664    Version: 1 Name:
Type: Resolution Status: Passed
File created: 6/27/2023 Departments: COUNTY ATTORNEY
On agenda: 8/1/2023 Final action: 8/1/2023
Title: Adopt a resolution providing for the issuance and sale of the Sequoia Union High School District 2023-24 Tax and Revenue Anticipation Notes in an amount not to exceed $12,000,000.
Attachments: 1. 20230801_r_County Resolution - Sequoia UHSD 2023-24 TRANs(4037553.2).pdf, 2. 20230801_att_Resolution No. 1755_Authorizing the Issuance of 2023-24 TRANS - Issue and Sell Notes in an Amount not to Exceed $12,000,000.pdf

Special Notice / Hearing:                         None__

      Vote Required:                         Majority

 

To:                      Honorable Board of Supervisors

From:                      John D. Nibbelin, County Attorney

Subject:                      Resolution Providing for Issuance and Sale of the Sequoia Union High School District 2023-24 Tax and Revenue Anticipation Notes

 

RECOMMENDATION:

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Adopt a resolution providing for the issuance and sale of the Sequoia Union High School District 2023-24 Tax and Revenue Anticipation Notes in an amount not to exceed $12,000,000.

 

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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 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.

 

DISCUSSION:

The Board of Trustees of the Sequoia Union High School District (the “District”) passed a resolution on June 21, 2023, requesting the borrowing of funds not to exceed $12,000,000 through the issuance of 2023-24 Tax and Revenue Anticipation Notes (the “Notes”). The recommended resolution authorizes issuance of up to $12,000,000 of the Notes, approves the form of the Notes and the sale of the Notes by a competitive public sale, or an alternative negotiated sale if there are no bidders at the public sale, and authorizes the signatures and other actions necessary to finalize the issuance.

 

A copy of the District’s Resolution has been filed with the Clerk of the Board.

 

FISCAL IMPACT:

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