Subject:       AUTHORIZE ISSUANCE OF TAX AND REVENUE ANTICIPATION NOTES (TRANs)

 

 

                   Authorize the following actions in connection with the issuance of Tax and Revenue anticipation Notes (TRANs):

 

                   A.      Issue Tax and Revenue Anticipation Notes (TRANs) at a level not exceed $50 million for fiscal year 2003-04.

       

             B.      The District to participate in the Community College League of California Cash Flow Financing Program where by participating community college districts will simultaneously issue tax and revenue anticipation notes.

 

             C.      Adoption of Resolution (Attachment #1)

 

             Background:  The purpose of this transaction is to insure that the District cash flow requirements can be met for fiscal year 2003-04.  The funds arising from the TRANs issue will provide operating cash for the District prior to the receipt of anticipated taxes and other revenues.  The imbalance between the receipt of revenues and the timing of expenditures necessitates the temporary borrowing of funds to make scheduled disbursements.