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Meeting Date:
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Category:
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Type:
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Subject:
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14.2 Resolution No. 24/25-35 to Authorize Issuance of Tax Revenue Anticipation Notes (TRANs) |
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LCAP (Local Control Accountability Plan) Goal:
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Enclosure:
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File Attachment:
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Summary:
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Provides the opportunity to participate in the California School Cash
Reserve Program sponsored by California School Boards Association
Finance Corporation. The Program is consistently the largest pooled
tax and revenue anticipation note (“TRAN”) financing for California
school districts, community college districts, and county offices of
education. The 2025-2026 Program will be the 37th year of the
Program.
TRANs are short-term debt instruments issued by school districts
throughout the State to create an additional reserve to the general
fund. In our District, this reserve will act as a cushion to the general
fund in the event that we experience temporary cash flow needs.
By issuing our TRAN through the Cash Reserve Program, we will
benefit from significantly lower issuance costs than issuing a TRAN as an individual district. The Program groups districts with similar
credit characteristic into separate series of TRANs within the pool to
ensure all participants get the appropriate interest rate for their
TRAN.
The maximum amount of borrowing not to exceed $20M. |
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Funding:
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Recommendation
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Approve Resolution No. 24/25-35 to authorize issuance of Tax Revenue Anticipation Notes (TRANs). |
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Approvals:
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Recommended By: |
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Signed By: |
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Daisy Delacruz - Admin. Asst. II |
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Signed By: |
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Mike Mathiesen - Associate Superintendent |
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Signed By: |
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Eric Volta - Superintendent |
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