REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
April 6, 2021
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Authorize Issuance and Sale of San Bernardino City Unified School District Cross Fiscal Year 2020-21 Tax and Revenue Anticipation Notes in the Amount Not to Exceed $105,000,000
End
RECOMMENDATION(S)
Recommendation
Adopt Resolution providing for the issuance by the County of San Bernardino, on behalf of San Bernardino City Unified School District, of Cross Fiscal Year 2020-21 Tax and Revenue Anticipation Notes in an amount not to exceed $105,000,000.
(Presenter: John Johnson, Chief Deputy Treasurer, 382-3007)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
Approval of this item will not result in the use of additional Discretionary General Funding (Net County Cost).
BACKGROUND INFORMATION
The Board of Trustees of the San Bernardino City Unified School District ("District") adopted a resolution on March 16, 2021, approving the borrowing of funds in an amount not to exceed $105,000,000 for Cross Fiscal Year 2020-21, and to authorize the issuance of Tax and Revenue Anticipation Notes. The Cross Fiscal Year Tax and Revenue Anticipation Notes program raises funds to compensate for payments owed to districts in one fiscal year but not paid until the next. Government Code Section 53850 et seq. permits the District to borrow money by the issuance of such temporary notes. Government Code Section 53853(a) requires the San Bernardino County Board of Supervisors, as soon as possible following the receipt of the resolution of the District Board of Trustees, to issue such notes in the name and on behalf of the District. On July 23, 2002 (Item No. 65), the Board of Supervisors adopted Resolution No. 2002-218 ...
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