SUBSTITUTE
Public Hearing: YES ☐ NO ☒ Department: Finance
SUBJECT:
Title
Commission District(s): All Commission Districts
An initial resolution authorizing the preparation and distribution of a request for proposals for the solicitation of offers to purchase the County’s Tax Anticipation Notes (TAN 2026) for 2026, due December 15, 2026 in the aggregate principal amount of $142,300,000 for the purpose of obtaining a temporary loan to pay current expenses during the 2026 calendar year.
Body
Information Contact: Dianne McNabb, CFO, and Bob Atkins, Deputy Director of Finance/Treasurer
Phone Number: 404-371-2174 and 678-910-5638
PURPOSE:
To adopt an initial resolution authorizing the preparation and distribution of a request for proposals for the solicitation of offers to purchase the County’s Tax Anticipation Notes (TAN 2026) for 2026, due December 15, 2026 in the aggregate principal amount of $142,300,000 for the purpose of obtaining a temporary loan to pay current expenses during the 2026 calendar year.
NEED/IMPACT:
The County funds a significant amount of 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 is necessary to bridge the cash flow until property taxes are received.
FISCAL IMPACT:
The estimated rate currently is 3% - 3.5%, which results in an interest payment of approximately $3,000,000.
RECOMMENDATION:
Recommended Action
Adopt the attached initial TAN 2026 resolution and authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter.