Public Hearing: YES ? NO ? Department: Chief Executive Office
SUBJECT:
Title
Commission District(s): All Commission Districts
An initial resolution authorizing the appointment of a placement agent in connection with the private placement pursuant to a competitive process and the issuance and sale by the County of its Tax Anticipation Notes (Federally Taxable), due December 15, 2021 in the aggregate principal amount not to exceed $70,000,000 for the purposes of obtaining a temporary loan to pay current expenses during the 2021 calendar year.
Body
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Information Contact: Zachary Williams, Chief Operating Officer/Executive Assistant
Phone Number: 404-371-2174
PURPOSE:
To consider adopting an initial resolution authorizing the appointment of Piper Sandler & Co. as placement agent in connection with the private placement pursuant to a competitive process and the issuance and sale by the County of its Tax Anticipation Notes (Federally Taxable), due December 15, 2021 in the aggregate principal amount not to exceed $70,000,000 for the purposes of obtaining a temporary loan to pay current expenses during the 2021 calendar year.
NEED/IMPACT:
The attached initial resolution authorizes the appointment of Piper Sandler & Co. as placement agent in connection with the private placement pursuant to a competitive process and the issuance by the County of its Tax Anticipation Notes (Federally Taxable), due December 15, 2021 in an aggregate principal amount not to exceed $70,000,000 for the purposes of obtaining a temporary loan to pay current expenses during 2021 calendar year.
The County funds a significant amount the annual budget from property taxes collected primarily in September, October, and November, while the expenditures of those revenues are generally incurred ratably throughout the year. As a result, the issuance of a temporary loan or Tax Anticipation Note (TAN) is necessary in order to ...
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