Title
HEARING - Consider recommendations regarding the Tax and Revenue Anticipation Note (TRAN) Short Term Financing Program for Fiscal Year 2012/2013, as follows: (EST. TIME: 5 MIN.)
a) Adopt a Resolution providing for the borrowing of funds for Fiscal Year 2012/2012 and the issuance and sale of County of Santa Barbara, California, 2012/2013 Tax and Revenue Anticipation Notes therefor;
b) Adopt a Resolution affirming that moneys in internal service funds are available only for designated purposes and are reasonably required and may be loaned for temporary cash flow needs;
c) Authorize the Treasurer-Tax Collector or the Auditor-Controller to execute the Contract of Purchase with E. J. De La Rosa & Co., Inc. for the issuance of non-taxable Tax and Revenue Anticipation Notes in accordance with State and Federal law, in an amount not to exceed $75,000,000.00, at a yield not to exceed 1.0%, to meet General Fund cash flow requirements during the 2012-2013 Fiscal Year;
d) Approve and authorize the Chair to execute an Agreement with Orrick, Herrington, and Sutcliffe, LLP to perform legal services as bond counsel incident to the execution and delivery of 2012/2013 Tax and Revenue Anticipation Notes in the amount of $20,000.00;
e) Authorize the Treasurer-Tax Collector to abandon this issuance if market conditions are deemed financially unfavorable; and
f) Determine that the above actions are government funding mechanisms and/or fiscal activities that are not a project under the California Environmental Quality Act (CEQA) pursuant to section 15378(b)(4) of the CEQA Guidelines.
COUNTY EXECUTIVE OFFICER'S RECOMMENDATION: APPROVE