Primary Department: Management and Budget
Primary Department Head/Elected Official: Daniel Ramos, Executive Director, Office of Management and Budget
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
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
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
title
Request for approval to pay the IRS an arbitrage rebate payment in the amount not to exceed $4,000.00 on the General Obligation Commercial Paper Notes, Series D-2.
end
Background and Discussion:
On August 19, 2025, the County repaid a portion of Commercial Paper Notes, Series D-2 with PIB Refunding Bonds, Series 2025A which caused a final maturity installment computation on the notes. A preliminary computation generated a positive rebate liability which is attributable to higher interest earned from unspent Series D-2 proceeds than what County is allowed to earn. The county's arbitrage consultant is in the process of finalizing the arbitrage report and is putting up all the necessary paperwork for what is needed to be sent to the IRS. The IRS code requires that positive arbitrage be rebated to the Federal Government within a 60-day window, which must be paid by October 20, 2025.
Expected Impact: N/A
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
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