Substitute
Public Hearing: YES ☐ NO ☒ Department: Finance
SUBJECT:
Title
Commission District(s): All
Authorizing the Issuance and Sale of Tax Anticipation Notes for 2017
Body
Information Contact: Dianne McNabb, Interim CFO
Phone Number: 404-371-2174
PURPOSE:
To consider adopting a Resolution authorizing the issuance and sale by the County of its Tax Anticipation Notes, due December 19, 2017 in the aggregate principal amount not to exceed $70,000,000 for the purposes of obtaining a temporary loan to pay current expenses during 2017 calendar year.
NEED/IMPACT:
The attached resolution authorizes the County to issue its Tax Anticipation Notes, due December 19, 2017, in an aggregate principal amount not to exceed $70,000,000 for the purposes of obtaining a temporary loan to pay current expenses during 2017 calendar year.
FISCAL IMPACT:
Approximate Net Interest Cost (NIC) of $350,000 plus estimated Cost of Issuance (COI) of $150,000
RECOMMENDATION:
Recommended Action
Adopt the attached Resolution and authorize the Chief Executive Officer and the Acting Chief Financial Officer to execute all necessary documents in connection with this matter.