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 $150 Million, Resolution Regarding Intention to Issue Tax-Exempt Obligations for Water Utility Enterprise, and Resolution Regarding Intention to Issue Tax-Exempt Obligations for Safe, Clean Water Program.
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 $150 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 2019-20;
D. Authorize the District Counsel to execute the TRANs;
E. Adopt the Resolution Regarding INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR WATER UTILITY ENTERPRISE; and
F. Adopt the Resolution Regarding INTENTION TO ISSUE TAX-EXEMPT OBLIGATIONS FOR SAFE, CLEAN WATER AND NATURAL FLOOD PROTECTION PROGRAM.
Body
SUMMARY:
Each fiscal year, the Board of the Santa Clara Valley Water District (Valley Water or District) is legally required to adopt a new resolution reauthorizing the execution and delivery of Tax Revenue Anticipation Notes (TRANs) to support Valley Water's existing Commercial Paper (CP) program (CP Program). Additionally, Board approval of a resolution of intention to issue tax-exempt obligations is required to allow Valley Water to reimburs...
Click here for full text