File #: 22-0186    Version: 1 Name:
Type: CM Action Item - Open & Responsible Government Status: Passed
File created: 3/8/2022 In control: Board of Commissioners
On agenda: 3/16/2022 Final action: 3/16/2022
Title: Request approval of a Resolution authorizing the release of a Request for Proposal to financial institutions and authorizing the County Manager in conjunction with the Chief Financial Officer and County Attorney to accept the lowest most responsive bid for a short-term loan or line of credit for the County's 2022 General Fund Tax Anticipation Notes ("TAN"). (APPROVED)
Attachments: 1. Series 2022 TAN Resolution of Fulton County BOC

DEPARTMENT
Finance

REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title

Request approval of a Resolution authorizing the release of a Request for Proposal to financial institutions and authorizing the County Manager in conjunction with the Chief Financial Officer and County Attorney to accept the lowest most responsive bid for a short-term loan or line of credit for the County's 2022 General Fund Tax Anticipation Notes ("TAN"). (APPROVED)
body

REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Department of Finance seeks approval of a Resolution releasing a Request for Proposal for a Tax Anticipation Note or other alternative financing arrangement including a privately placed loan, draw down or line of credit arrangement in an amount up to $175,000,000 and acceptance of the lowest most responsive bidder.

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 Dec...

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