Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Debt And Finance topic
No spam. Unsubscribe anytime.
DeKalb committee authorizes tax‑anticipation note solicitations for 2025 operating and watershed needs
Summary
The committee approved staff requests to solicit bids and issue two series of tax‑anticipation notes (Series A and Series B) to bridge county operating cash flow and short‑term watershed capital costs until longer‑term bonds close.
DeKalb County’s Finance, Audit and Budget Committee on April 3 authorized county staff to prepare and distribute competitive solicitations for two 2025 tax‑anticipation note (TAN) financings: Series A, covering general fund operating needs, and Series B, bridging interim watershed capital costs until issuance of water and sewer revenue bonds.
Staff described the Series A TANs as the county’s operating cash‑flow borrowing between June and December, when property tax receipts lag disbursements. The Series B TANs are short‑term, non‑taxable notes intended to fund capital cash needs for the Watershed program until the county issues water and sewer revenue bonds in late summer. Finance staff said the county expects to repay Series B from a portion of proceeds of the planned 2025 water and sewer revenue bond sale prior to September.
The committee approved preparing and issuing the competitive solicitations with a not‑to‑exceed aggregate principal of $114.48 million for Series A and approximately $98.7 million for Series B (staff estimates). County financial adviser PFM (Public Financial Management) will assist with the RFP/bid preparation, competitive process and advice on timing; staff said closing dates are targeted for late May/early June and repayment dates aligned with the county’s debt calendar (Series A repayment in mid‑December, Series B by September 1, 2025, subject to issuance timing).
Commissioners asked about market timing and flexibility. Staff said bids will be solicited competitively and that if market conditions warrant, the county could request modest scheduling adjustments; however, interest cost increases are possible the longer notes remain outstanding. Staff committed to sharing the county’s municipal adviser’s analysis with commissioners and to present a primer on bonding capacity and financing options at a future meeting.
Both TAN resolutions were approved by the committee to move forward: staff will issue the request for proposals and return recommended award actions to the board. The committee instructed finance staff to coordinate with the municipal adviser and the county’s bond counsel to finalize bid documents and the sale timetable.
