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C.115
To: Board of Supervisors
From: Monica Nino, County Administrator
Date: January  5, 2021
The Seal of Contra Costa County, CA
Contra
Costa
County
Subject: DECLINATION TO ISSUE TRANS ON BEHALF OF THE ANTIOCH, MT. DIABLO AND PITTSBURG UNIFIED SCHOOL DISTRICTS

APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE

Action of Board On:   01/05/2021
APPROVED AS RECOMMENDED OTHER
Clerks Notes:

VOTE OF SUPERVISORS

AYE:
John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor
Contact: Timothy Ewell, (925) 655-2043
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED:     January  5, 2021
Monica Nino, County Administrator
 
BY: , Deputy

 

RECOMMENDATION(S):

ADOPT Resolution No. 2021/22 approving a request by the Antioch Unified School District, Mt. Diablo Unified School District and the Pittsburg Unified School District to allow the school districts to issue tax revenue anticipation notes (TRANs) on their own behalf, pursuant to Government Code section 53853(b), in lieu of the County issuing TRANs for the school districts.

FISCAL IMPACT:

No fiscal impact to the County.

BACKGROUND:

Government Code section 53853(a) provides that a County shall issue tax and revenue anticipation notes (TRANs) on behalf of a school district within 45 days of a school district making such a request by resolution. Should a County not issue TRANs within the 45 day period or decline to issue the TRANs, the requesting school district may issue the TRANs on it's own behalf.  
  


BACKGROUND: (CONT'D)
Today's action declines to issue TRANs for the Antioch, Mount Diablo and Pittsburg Unified School Districts at the request of the Districts to allow them to issue TRANs as a pool. Issuing TRANS as a pool allows each agency to participate in a single issuance of TRANs and sharing in the proceeds, reducing costs of issuance.  
  
County staff has conferred with representatives of the Contra Costa County Board of Education about the proposal and are in agreement that the proposed structure is in the best interest of the school districts making the request.  
  
Attached for information is a letter from Ms. Meredith Johnson of the law firm Dannis Woliver Kelley, bond counsel to the school districts, making the request to the County to decline to issue TRANs on behalf of the school districts. In addition, TRAN issuance resolutions from each school district are attached for the public record.

CONSEQUENCE OF NEGATIVE ACTION:

The County will either need to issue TRANS on behalf of the Districts or take no action for 45 days after the date by which each District approved a resolution to issue TRANs. At that point, each District may issue TRANs on its own behalf.

CHILDREN'S IMPACT STATEMENT:

TRANs are a short term financing vehicle to assist governmental entities, including school districts, with cash flow needs.

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