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Board approves $100M tax and revenue anticipation notes; summer supplemental funds explained and consent-calendar votes taken
Summary
The board authorized up to $100 million in 2011 tax and revenue anticipation notes to smooth cash flow, approved multiple consent-calendar items including K resolutions for summer supplemental programs, and heard a clean audit report from the Citizens Bond Oversight Committee on prior bond measures.
The Board of Education authorized issuance of one or more series of 2011 tax and revenue anticipation notes (TRANs) in an aggregate principal amount not to exceed $100,000,000. Staff said the notes were expected to generate roughly a 0.6% yield including issuance costs and that the district’s S&P and Moody’s short-term ratings are SP-1+ and MIG 1, respectively. The resolution authorizing the notes…
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