Primary Department: Management and Budget
Primary Department Head/Elected Official: Daniel Ramos, Executive Director
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):
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Request for approval to pay the IRS an arbitrage rebate payment of $34,113.54 for the 2nd tranche on the General Obligation Commercial Paper Notes, Series D, and to send payment on the due date of October 19, 2026.
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Background and Discussion:
On August 18, 2026, the County repaid the Commercial Paper Notes, Series D, with PIB Refunding Bonds, Series 2026A, resulting in a final maturity installment computation for the notes. Based on the arbitrage calculation provided by the County’s arbitrage consultant, Hilltop, a positive arbitrage is due. The IRS code requires that positive arbitrage be rebated to the Federal Government within a 60-day window, with payment due by October 19, 2026.
Expected Impact: N/A
Alternative Options: N/A
County Strategic Plan Goal: N/A
County Strategic Plan Objective: N/A
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Additional notes related to the Strategic Plan: N/A
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