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Socorro ISD board approves $35.145 million tax and revenue anticipation note to bridge state funding gap
Summary
The Socorro ISD Board of Trustees on May 5 approved a resolution to issue a $35,145,000 tax and revenue anticipation note to JPMorgan Chase at an interest rate of 3.597% to provide short-term cash while awaiting state and local revenues.
EL PASO — The Socorro Independent School District Board of Trustees on Monday approved issuing a $35,145,000 tax and revenue anticipation note to JPMorgan Chase Bank to cover operating needs while the district awaits state funding and tax collections.
David Solis, the district's chief financial officer, told trustees the board would approve the note and close on it June 4 so the district would receive funds that day. Solis said the most favorable bid came from JPMorgan Chase at an interest rate of 3.597 percent and that the total debt service through the note's Feb. 2 maturity is projected at $35,998,312.
The financing, presented by the district's financial advisers, McCall Parkhurst & Horton, and investment banking representatives, is intended as a…
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