HomeMy WebLinkAboutMINUTES - 06051990 - 1.139 1-IL39+ �
TO: BOARD OF SUPERVISORS sE-L �f Contra
FROM: ;::: f C•.' Colla
Phil Batchelor, by John T. Gregory
9. . Count
DATE: May 2 5 19 9 0
Y 'a�r
SUBJECT: RESOLUTION AUTHORIZING ISSUANCE OF TAX AND REVENUE
ANTICIPATION NOTE FOR THE CONTRA COSTA COMMUNITY
COLLEGE DISTRICT
SPECIFIC REOUEST(S)OR RECOMMENDATION(S)8 BACKGROUND AND JUSTIFICATION
RECOMMUMATION
Adopt resolution authorizing issuance of tax and revenue
anticipation notes for the Contra Costa Community College
District as recommended by the County Administrator.
BACKGROUND:
As required by law, official statements are required regarding
the sale and delivery of the. 1990 Tax and Revenue Anticipation
Notes for the Contra Costa Community College District. The
principal amount of the notes are $5 , 000 ,000 .
The notes are being issued to finance the seasonal cash flow
requirements of the District ' s General Fund Cash Flow during the
fiscal year (July 1 through June 30 ) . Borrowing is necessary
because District General Fund expenditures tend to occur in
relatively level amounts throughout the year while receipts
follow an uneven pattern, primarily as a result of an uneven
pattern of State and Federal payments and secured property tax
installment payment dates in December and April, a large source .
of District revenues. As a result, the General Fund cash balance
can reflect a negative balance during parts of the fiscal year.
These notes are intended to finance such possible cash deficits
and are an alternative to the District's borrowing from the
County Treasury.
CONTINUED ON ATTACHMENT: Yes YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):_
ACTION OF BOARD ON June b,
APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT 1 AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: ATTESTED
Ju(v 5 1,0,90
Auditor-Controller PHIL BATCHELOR,CLERK OF THE BOARD OF
Treasurer-Tax Collector SUPERVISORS AND COUNTY ADMINISTRATOR
County Administrator
Community Development
ount CounselBY G DEPUTY
M382 �,oisa� Contra Costa Community College Dist.