HomeMy WebLinkAboutMINUTES - 05131997 - C58 yTO: BOARD OF SUPERVISORS Contra
CostaFROM: •,_�� .•
Phil Batchelor, County Administrator o 's
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DATE: May 13, 1997
SUBJECT: California School Cash Reserve Program Authority
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. Determine not to issue Tax and Revenue Anticipation Notes on behalf of
the local school districts in the California School Cash Reserve Program
Authority.
2. Direct the Clerk of the Board to notify the Byron Union School District,
Moraga Elementary School District, Orinda Union School District and the
Walnut Creek School District to issue their TRANS borrowing on their own
pursuant to California Government Code Section 53853(b) .
FINANCIAL IMPACT:
There is no financial impact for the County for this action except for a reduction
in staff time to process the Board actions and issue documents for the school
districts.
BACKGROUND:
The Treasurer-Tax Collector has determined that it is appropriate for the school
districts in the California School Cash Reserve Program Authority to issue TRAN
notes for cash flow borrowing on their own. The California Government Code
provides that the Board of Supervisors can issue note on behalf of the districts
when asked or they can do nothing and the districts can proceed on their own
after 45 days. The current action provides notification that the Board will not
issue the debt on behalf of the districts and they can then proceed at once to
issue the notes on their own rather than waiting for 45 days.
Since their are a number of school districts in the authority, the current
notification will allow for an expedited action. The bond counsel for the Authority
is in concurrence with the Tax Collector-Treasurer's decision.
CONTINUED ON ATTACHMENT: YES SIGNATURE: P 0�02
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON May 13 , 1997 APPROVED AS RECOMMENDED XX OTHER
VOTE OF SUPERVISORS
XX, _ _ I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) 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.
ATTESTED May 13 , 1997
Contact: De Bell 5-1093 PHIL BATCHELOR,CLERK OF THE BOARD OF
Cc: County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
County Counsel
Treasurer-Tax Collector
Clerk-of-Board BY,—Q- -� ' DEPUTY
Auditor-Controller
�r
May 13, 1997
MEMORANDUM TO: Byron Union School District
Moraga Elementary School District
Orinda Union School District
Walnut Creek School District
Pursuant to California Government Code Section
53853 (b) , this will serve as notice that the Board of Supervisors
of the County of Contra Costa will not authorize issuance of Tax
and Revenue Anticipation Notes ("TRANS") on behalf of the above
named Districts within 45 calendar days following its receipt of
the resolutions ("District Resolutions") of the above. named
Districts . Reference is made to said Section 53853 (b)
authorizing the above named Districts to issue TRANS on behalf of
themselves pursuant to previously adopted District Resolutions .
Cler of the Board
of Supervisors of the
County of Contra Costa
sF2-14211.1