To: Board of Supervisors
From: Treasurer/Tax Collector
Subject:
title
Issuance of Tax and Revenue Anticipation Notes (TRANS) on behalf of County School Districts
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors not authorize TRANS on behalf of any county board of education, school district, or community college district and designate the Clerk of the Board to notify these agencies that they may issue TRANS on their own behalf until further notice.
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SOURCE OF FUNDING:
N/A
DISCUSSION:
California Government Code Section 53853(a) provides that county board of supervisors issue TRANS on behalf of certain county boards of education, school districts, and community college districts. However, Section 53853(b) provides that if the county board of supervisors fails to authorize the issuance of a note or notes within 45 calendar days following receipt of the resolution of the county board of education, the governing board of the school district or community college district, or the governing body of the charter school requesting that issuance, or if the county board of supervisors notifies the requesting party that it will not authorize that issuance within that 45-day period, then the note or notes may be issued by the county board of education, school district, charter school, or community college district in its own name pursuant to the previously adopted resolution. Essentially if the board takes no action within 45 days or provides notice to the requesting agency that it will not take action, the TRANS are issued by the requesting agency.
This rule applies only in the case of a note or notes of a county board of education, school district, charter school, or community college district to be issued in conjunction with a note or notes of one or more other county board of education, school district, charter school, or community college district. A county board of supervisors, county treasurer, or county auditor is deemed to ha...
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