Public Hearing: YES ☐ NO ☒ Department: Finance
SUBJECT:
Title
Commission District(s): All Commission Districts
A resolution authorizing the issuance and sale of Tax Anticipation Notes (TAN 2026) for 2026, due December 15, 2026 in the aggregate principal amount of [$______], to [name of winning bidder], for the purpose of obtaining a temporary loan to pay current expenses during the 2026 calendar year.
Body
Information Contact: Dianne McNabb, CFO, and Bob Atkins, Deputy Director of Finance/Treasurer
Phone Number: 404-371-2174 and 678-910-5638
PURPOSE:
To adopt a resolution authorizing the issuance and sale of Tax Anticipation Notes (TAN 2026) for 2026, due December 15, 2026 in the aggregate principal amount of [$______], to [name of winning bidder], 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. The issuance of a temporary loan or tax anticipation note is necessary to bridge the cash flow until property taxes are received because the County’s reserves are not adequate to temporarily fund the County’s expenditures until property tax revenues are received in the 4th quarter.
FISCAL IMPACT:
All in total interest cost (TIC) of the TAN 2026 is [____%], which includes estimated cost of issuance of [$______].
RECOMMENDATION:
Recommended Action
Adopt the attached TAN 2026 resolution and authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter.