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CFO: Parkrose tax anticipation note sale on track as auditors prepare
Summary
CFO Sherry Lewis told the board a tax anticipation note (TAN) offering statement and due diligence materials are in place, the district received a Moody's rating, and staff expect a sale near month-end while auditors complete a checklist and final projections.
Sherry Lewis, introduced as the district's chief financial officer, briefed the board on the status of a proposed tax anticipation note sale. Lewis said a preliminary offering statement (POS) and due-diligence questionnaires have been completed and that the district recently received a Moody's rating.
She said staff adjusted cash-flow timing in materials presented to underwriters, splitting a described $3.3 million cash flow item over September through June rather than front-loading summer payroll months. Lewis told the board the sale looked ready "at this point" but that the final decision depends on end-of-month financials and the outcome of an auditors' checklist, which she expected to complete shortly.
Board members offered brief positive feedback; there were no questions that required a change in approach. Lewis said staff would know more at month-end and will update the board as audit and sale steps are completed.
