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Meeting Date:
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11/9/2020 - 6:30 PM
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Category:
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New Business
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Type:
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Action
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Subject:
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Tax Anticipation Note Resolution
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Board Goals:
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4. Assure a clean and safe environment i. Review, implement, and assess crisis disaster plans
ii. Cooperate with outside agencies
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Enclosure:
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To ensure the district has proper cash flow during December, January and February this Tax Anticipation Note Resolution has been developed. The total amount of the loan will not exceed $15M will expire on February 23, 2021. The anticipated rate is between 1.3% and 1.22%. The underwriter will provide the final rate by November 6th. I will update the document and agenda item then.
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File Attachment:
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Background & Rationale:
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We have experienced historically low revenues this fiscal year. The loss of revenue has been across all revenue sources. Our expenditures are similar to last year.
To ensure the district has proper cash flow during December, January and February this Tax Anticipation Note Resolution has been developed. The total amount of the loan will not exceed $15M will expire on February 23, 2021. The anticipated rate is between 1.3% and 1.22%. The underwriter will provide the final rate by November 6th. I will update the document and agenda item then.
This loan is structured to be drawn down as needed.
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Budget to be Charged:
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Operations
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Motion:
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I move to accept the resolution as presented.
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Approvals:
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Recommended By:
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Signed By:
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Dr. Steve Shelton - Associate Superintendent of Operations
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Signed By:
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Jacqueline Vernon - Finance Supervisor
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Signed By:
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Dr. Allan Markley - Superintendent
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