BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Resolution Authorizing the Execution and Delivery of a Tax-Exempt Tax and Revenue Anticipation Note and a Taxable Tax and Revenue Anticipation Note to Support a Commercial Paper Program in a Combined Aggregate Principal Amount not to Exceed $225 Million, and Resolution Regarding Intention to Issue Tax-Exempt Obligations for Water Utility Enterprise.
End
RECOMMENDATION:
Recommendation
A. Adopt the Resolution AUTHORIZING THE EXECUTION AND DELIVERY OF A TAX-EXEMPT TAX AND REVENUE ANTICIPATION NOTE AND A TAXABLE TAX AND REVENUE ANTICIPATION NOTE (TRANs) TO SUPPORT A COMMERCIAL PAPER PROGRAM IN A COMBINED AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $225 MILLION;
B. Authorize the Chief Executive Officer, or Chief Financial Officer to execute the TRANs, and the Certificate as to Uncollected Taxes, Income, Revenue, Cash Receipts and Other Money;
C. Authorize the Chief Executive Officer, District Counsel, and such other chief executives of the District to execute such other instruments, documents and papers as are necessary to carry out this Commercial Paper Program for Fiscal Year 2018-19;
D. Authorize the District Counsel to execute the TRANs; and
E. Adopt the Resolution Regarding INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS.
Body
SUMMARY:
Each fiscal year, the Board is legally required to adopt a new resolution reauthorizing the execution and delivery of Tax Revenue Anticipation Notes (TRANs) to support the District's existing Commercial Paper (CP) program (Program), which currently includes the authority to issue commercial paper (CP) notes and revolving certificates. Additionally, Board approval of a resolution of intention to issue tax-exempt obligations is required to allow the District to reimburse itself for certain eligible costs of the Water Utility Capital Improvement Program (CIP) from future debt proceeds.
If the Board does not approve the resolution reauthorizing the TRANs, the Program will need to be ...
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