SUBSTITUTE
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 $142,300,000, to PNC Bank, 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 $142,300,000, to PNC Bank, 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:
TThe All-In True Interest Cost (TIC), which includes COI, is 3.16%, which results in an interest payment of $2,695,794.44.
RECOMMENDATION:
Recommended Action
Adopt the attached resolution and authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter. Appropriate $2,695,794.44 to 9370.582702.100 interest; Appropriate $58,000 to 09370.583001.100 Cost of Issuance from reserves account 09610.579013.100.