REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
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Request approval to accept bid for $175,000,000.00 Tax Anticipation Notes for 2021 and approval of a Resolution which authorizes issuance and sale of the $175,000,000.00 General Fund Tax Anticipation Notes of Fulton County, Georgia. (APPROVED)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Article IX, Section V, Paragraph V of the Georgia Constitution authorizes Fulton County to issue short-term debt in the form of short-term tax anticipation notes (TANs) to pay operating costs upon Board approval.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: As approved by Board Resolution at the March 17, 2021 meeting, the Finance Department distributed the Preliminary Official Statement and Notice of Sale relating to the Fulton County, Georgia General Fund 2021 Tax Anticipation Notes and the solicitation of offers for the purpose of the same. The issuance of the 2021 TAN in the amount of $175,000,000 will provide the cash flow necessary to maintain General Fund operations until taxes levied are collected. On May 5, 2021, at 10:00 am EDT, electronic bids will be received by the Finance Department and the notes will be awarded by the Director of Finance on behalf of the Board of Commissioners to the responsible bidder whose bid results in the lowest net interest cost to the County. Once the bid has been awarded, the Director of Finance will request that the County Clerk call up the agenda item requesting acceptance ...
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