Title
Adopt Resolution to:
Exercise the Board of Supervisors option under California Government Code 53853(b) to notify the King City Union Elementary, Monterey Peninsula Unified, and the Pacific Grove Unified School Districts pursuant to the attached Resolution that it will not authorize the issuance of tax and revenue anticipation notes ("TRANs") of the Districts and to provide such notification on or before June 30, 2019.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Exercise the Board of Supervisors option under California Government Code 53853(b) to notify the King City Union Elementary, Monterey Peninsula Unified, and the Pacific Grove Unified School Districts pursuant to the attached Resolution that it will not authorize the issuance of tax and revenue anticipation notes ("TRANs") of the Districts and to provide such notification on or before June 30, 2019.
SUMMARY/DISCUSSION:
King City Union Elementary School District, Monterey Peninsula Unified School District and the Pacific Grove Unified School District have elected to participate in a cash flow borrowing program (the "Program") sponsored by the California School Boards Association Finance Corporation. As in prior years, the Program is structured to provide participating county boards of education, school districts, and community college districts with economies of scale by reducing the staff time and issuance costs incurred in tax and revenue anticipation note ("TRAN") borrowings. One or more TRANs are expected to be issued from time to time by or on behalf of each of the Districts and pooled with some or all of the other participating county boards of education, school districts, and community college districts in the Program to secure the issuance of Bonds or Certificates of Participation ("COPs"), depending on market conditions. If Bonds are selected, they would be issued by the California School Cash Reserve Program Authority in one or more series of Bonds (a singl...
Click here for full text