DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of the Supplemental Pricing Resolution Authorizing, among other things, the Issuance and Sale of General Fund Tax Anticipation Notes in the Aggregate Principal Amount of $175,000,000.00. This Resolution provides acceptance of the lowest acceptable bid for the short-term borrowing arrangement for the County's 2022 Tax Anticipation Note which matures December 30, 2022. (APPROVED)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Request approval to ensure operational funding for County activities until the collection of annual property tax revenues.
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: The Temporary Loans provisions of the Georgia Constitution (Article IX, Section V, Paragraph V of the Georgia Constitution of 1983 and O.C.G.A. ? 36-80-2), permit-the use of a line of credit/loan structure which conforms with all of the requirements of the Georgia Constitution's temporary loan provisions.
The Georgia Constitution provides that a city or county may obtain 'temporary loans in each year to pay expenses,' so long as:
(1) The total amount of all such temporary loans does not exceed 75% of the gross amount of taxes collected in the preceding year;
(2) The temporary loan is payable on or before December 31 of the year in which it is made;
(3) The municipality has no other temporary loans from previous years that remain unpaid; and
(4) The temporary loan is for no more tha...
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