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 2025A) for 2025, due December 16, 2025 in the aggregate principal amount of $114,480,000, to xxx Bank, for the purpose of obtaining a temporary loan to pay current expenses during the 2025 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 2025A) for 2025, due December 16, 2025 in the aggregate principal amount of $114,480,000, to xxx Bank, for the purpose of obtaining a temporary loan to pay current expenses during the 2025 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:
All-in Total Interest Cost (NIC) estimated of x.xx%, which includes an estimated Cost of Issuance of $xx,xxx.
RECOMMENDATION:
Recommended Action
Adopt the attached TAN 2025A resolution and authorize the Chief Executive Officer and the Chief Financial Officer to execute all necessary documents in connection with this matter.