File #: 09-00484    Version:
Type: Agenda Item Status: Passed
File created: 5/8/2009 In control: BOARD OF SUPERVISORS
On agenda: 6/2/2009 Final action: 6/2/2009
Title: HEARING - Consider recommendations regarding a Tax and Revenue Anticipation Note Short Term Financing Program for Fiscal Year 2009/2010, as follows: (4/5 Vote Required) (EST. TIME: 15 MIN.) a) Adopt a Resolution in the Matter of Providing for the Borrowing of Funds for Fiscal Year 2009-2010 and the Issuance and Sale of County of Santa Barbara, California 2009-2010 Tax and Revenue Anticipation Notes Therefore; b) Adopt a Resolution in the Matter of Affirming that Moneys in Internal Service Funds are Avaliable Only for Designated Purposes and are Reasonably Required; c) Approve and authorize the Treasurer-Tax-Collector to execute a Contract of Purchase with De La Rosa & Company (not a local vendor) for the issuance of non-taxable Tax and Revenue Anticipation Notes in accordance with State and Federal law, in an amount not to exceed $105,000,000, with Series A not to exceed $70,000,000 and at a yield not to exceed 1.0 percent, and with a Series B in an amount not to exceed $35,00...
Sponsors: TREASURER-TAX COLLECTOR-PUBLIC ADMINISTRATOR
Attachments: 1. Board Letter 5/19/09, 2. Board Letter 6/2/09, 3. Resolution Providing for the Borrowing of Funds, 4. Resolution Affirming that Moneys in Internal Service Funds are Available, 5. 2009-10 Tax and Revenue Anticipation Notes - Contract of Purchase, 6. Agreement for Bond Counsel Services, 7. Preliminary Official Statement, 8. Appendix A - County of Santa Barbara Financial, Economic and Demographic Information
Title
 
HEARING - Consider recommendations regarding a Tax and Revenue Anticipation Note Short Term Financing Program for Fiscal Year 2009/2010, as follows: (4/5 Vote Required) (EST. TIME: 15 MIN.)
 
a) Adopt a Resolution in the Matter of Providing for the Borrowing of Funds for Fiscal Year 2009-2010 and the Issuance and Sale of County of Santa Barbara, California 2009-2010 Tax and Revenue Anticipation Notes Therefore;
 
b) Adopt a Resolution in the Matter of Affirming that Moneys in Internal Service Funds are Avaliable Only for Designated Purposes and are Reasonably Required;
 
c) Approve and authorize the Treasurer-Tax-Collector to execute a Contract of Purchase with De La Rosa & Company (not a local vendor) for the issuance of non-taxable Tax and Revenue Anticipation Notes in accordance with State and Federal law, in an amount not to exceed $105,000,000, with Series A not to exceed $70,000,000 and at a yield not to exceed 1.0 percent, and with a Series B in an amount not to exceed $35,000,000 and at a yield not to exceed  2.0%, to meet General Fund cash flow requirements during the 2009-2010 fiscal year;
 
d) Approve and authorize an agreement with Orrick, Herrington, and Sutcliffe, LLP (not a local vendor) to perform legal services as bond counsel incident to the execution and delivery of 2009-2010 Tax and Revenue Anticipation Notes in an amount not to exceed $15,000; and
 
e) Authorize the Treasurer-Tax-Collector, with consultation of the Debt Advisory Committee, to abandon this issuance if market conditions are deemed financially unfavorable.
 
COUNTY EXECUTIVE OFFICER'S RECOMMENDATION: APPROVE
 
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