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COUNTY ADMINISTRATION / TREASURER / TAX COLLECTOR - Chief Administrator Gabriel Hydrick and Treasurer / Tax Collector Parker Hunt
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Requested Action(s)
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a) RESOLUTION - Request adoption of a resolution authorizing the Board of Supervisors to issue a Tehama County 2024-25 Tax and Revenue Anticipation Note (TRAN) and approving the sale of such note to the Tehama County Treasury Investment Pool and approving certain related matters therewith, not exceeding $30,000,000 with a mature date no later than 6/30/25
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Financial Impact:
The general fund will remain unaffected by the Tax and Revenue Anticipation Note (TRAN). Departments utilizing the TRAN will be responsible for the interest on the borrowed amount, calculated using the One-Year Treasury Rate, adjusted quarterly.
Background Information:
The current method of using General Fund money for mandated programs and having to wait up to five years for state reimbursement sometimes results in negative balances in certain budget units, is not optimal.
We’ve worked extensively with the Auditor’s Office, Treasurer/Tax Collectors, Administration Office, and our Debt Advisor Counsel to identify improved solutions that align with industry best practices and benefit the County’s General Fund.
The TRAN will be payable from revenue received or accrued during the fiscal year ending June 30, 2025. The interest rate will be based on the One-Year Treasury Rate.
The resolution presented to you today is one of these solutions.