TO: Board of Supervisors
FROM: Minh C. Tran - County Executive Officer
REPORT BY: Jasmine Elo - Management Analyst
SUBJECT: Resolution Authorizing Issuance and Sale of Napa Valley Unified School District Tax and Revenue Anticipation Notes
RECOMMENDATION
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County Executive Officer requests adoption of a Resolution authorizing the Napa Valley Unified School District to borrow funds for Fiscal Year 2022-2023 and for the issuance and sale of 2022-2023 Tax and Revenue Anticipation Notes (TRANS) in a principal amount not to exceed $16,000,000.
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EXECUTIVE SUMMARY
Pursuant to Section 53850 et seq. of the California Government Code, the County is authorized to issue, and offer for sale, Tax and Revenue Anticipation Notes (TRANS) in the name of Napa Valley Unified School District (the "District") upon the Board of Education's request. The borrowed funds may then be used and expended for any purpose for which a school district is authorized to spend money. On May 5, 2022, the District's Board of Education adopted a resolution requesting that the Board of Supervisors authorize the issuance of, and offer for sale, TRANS in the name of the District for fiscal year 2022-2023 in the principal amount of not to exceed $16,000,000.
The principal amount of the TRANS, together with the interest thereon, shall be payable from taxes, revenue, and other moneys received by the District for the general funding of the District for fiscal year 2022-2023.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
No
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.
BACKGROUND AND DISCUSSION
Pursuant to Section 53850 et seq. of the California Government Code, school districts organized and existing under the laws of the State of California are authorized to borrow money by the issuance of Tax Revenue Anticipation Notes (TRANS). ...
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