Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
title
Request for approval to repay a portion of the outstanding Commercial Paper Notes, Series A-1 in a maximum amount of $27 million and Commercial Paper Notes, Series D in a maximum amount of $24 million.
end
Background and Discussion:
Commercial Paper is a general obligation of the County secured by ad valorem taxes to provide interim financing of various short-term assets and long-term capital assets. A rate was set in the 2023 tax rate calculation for the repayment of outstanding CP notes.
Financial Management Section of the Office of Management and Budget requests your approval to repay a portion of the outstanding notes from ad valorem collections. It will be paid when tax levies have been collected.
Expected Impact:
Reduces short-term debt and restores Series A-1 and Series D borrowing capacity to provide interim financing of CIP projects.
Alternative Options: N/A
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_ Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
X Governance and Customer Service
Prior Court Action (if any):
Date
Agenda Item #
Action Taken
Location:
Address (if applicable): N/A
Precinct(s): Choose an item.
Fiscal and Personnel Summary
Service Name
FY 24
FY 25
Next 3 FYs
Incremental Expenditures (do NOT write values in thousands or millions)
Labor Expenditures
$
$
$
Non-Labor Expenditures
$
$
$
Total Incremental Expenditures
$
$
$
Funding Sources (do NOT write values in thousands or millions)
Existing Budget
Commercial...
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