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Consider recommendations regarding the Short Term Financing Program for Fiscal Year 2001-02, as follows:
a) Adopt a resolution providing for the borrowing of funds for Fiscal Year 2001-02 and the issuance and sale of County of Santa Barbara, California 2001-02 Tax and Revenue anticipation notes;
b) Adopt a resolution affirming that moneys in self insurance are available only for designated purposes and are reasonably required;
c) Authorize the Treasurer-Tax Collector to execute the Contract of Purchase for the issuance of non-taxable Tax Revenue Anticipation Notes (TRANs) in accordance with State and Federal law, in an amount not to exceed $45,000,000 and at a yield not to exceed 5 percent, to meet General Fund cash flow requirements during the 2001-2002 fiscal year;
d) Authorize the Treasurer-Tax Collector to execute agreement with Orrick, Herrington and Sutcliffe, LLP for Bond Counsel services in an amount not to exceed $15,000, and to approve the terms for Banc of America Securities, LLC to serve as Underwriter, associated with the 2001-2002 TRANs;
e) Authorize the Treasurer-Tax Collector, with consultation of the Debt Advisory Committee, to abandon this issuance if market conditions are deemed financially unfavorable.
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