Agenda Item
Meeting Date: 5/18/2020 - 5:00 PM
Category: Business/Action Items
Type: Action
Subject: 17.7 Resolution No. 20-39 to Authorize Issuance of Tax Revenue Anticipation Notes (TRANs)
LCAP (Local Control Accountability Plan) Goal:
File Attachment:
MVLA TRAN Resolution 20-39.pdf
Summary: Provides the opportunity to participate in the California School Cash Reserve Program sponsored by California School Boards Association Finance Corporation. The Program is consistently the largest pooled tax and revenue anticipation note (“TRAN”) financing for California school districts, community college districts, and county offices of education. The 2020-2021 Program will be the 33rd year of the Program.

TRANs are short-term debt instruments issued by school districts throughout the State to create an additional reserve to the general fund. In our District, this reserve will act as a cushion to the general fund in the event that we experience temporary cash flow needs.

By issuing our TRAN through the Cash Reserve Program, we will benefit from significantly lower issuance costs than issuing a TRAN as an individual district. The Program groups districts with similar credit characteristic into separate series of TRANs within the pool to ensure all participants get the appropriate interest rate for their TRAN.
Recommendation: Approve Resolution No. 20-39 to authorize issuance of Tax Revenue Anticipation Notes (TRANs).
Recommended By:
Signed By:
Irene Aguilar - Administrative Assistant
Signed By:
Mike Mathiesen - Associate Superintendent
Signed By:
Nellie Meyer - Superintendent