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File #: 21-211    Version: 1
Type: Resolution Status: Agenda Ready
File created: 4/22/2021 In control: Board of Supervisors
On agenda: 5/4/2021 Final action:
Title: County Executive Officer requests adoption of a resolution authorizing the Napa Valley Unified School District to borrow funds for Fiscal Year 2021-2022 and for the issuance and sale of 2021-2022 Tax and Revenue Anticipation Notes (TRANS) in a principal amount not to exceed $35,000,000.
Sponsors: Board of Supervisors
Attachments: 1. County Resolution.pdf, 2. NVUSD's Resolution.pdf
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TO: Board of Supervisors
FROM: County Executive Office
REPORT BY: Helene Franchi, Deputy County Executive Officer
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 2021-2022 and for the issuance and sale of 2021-2022 Tax and Revenue Anticipation Notes (TRANS) in a principal amount not to exceed $35,000,000.
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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 April 22, 2021, 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 2021-2022 in the principal amount of not to exceed $35,000,000.
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 2021-2022.


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 Note...

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