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Escambia district staff recommend $15 million tax anticipation note to bridge fall cash flow; Wells Fargo bid indicated lowest rate
Summary
Finance staff told the board the district plans to present a tax anticipation note (TAN) resolution for up to $15 million at the next regular meeting to cover uneven cash flows until property-tax receipts arrive; staff said they solicited multiple bids and Wells Fargo offered the lowest indicative rate.
District finance staff and outside advisors briefed the Escambia County School Board on a proposed short-term tax anticipation note (TAN) to provide operating cash between the new fiscal year start and the receipt of local property-tax revenue.
Terry (district finance staff) said the TAN would be a short-term operating borrowing intended to bridge an uneven cash-flow period; Will Reed, the district’s financial advisor, told the board staff solicited proposals from roughly 45–50 banks…
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