1 Tax Anticipation Notes June 27, 2013 Michael E Finn.

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Presentation transcript:

1 Tax Anticipation Notes June 27, 2013 Michael E Finn

TANS are securities, similar to bonds, but with a maturity of one year or less Used to cover operating deficits created by uneven revenue collections Debt service is paid from taxes, state aid and interest earnings 2 Tax Anticipation Notes (TANS)

TANS were authorized last year in the amount of $35,000,000 Administration is recommending that the Governing Board provide authorization for the issuance of TANS not to exceed $42,000,000 for Fiscal Year Requested Authorization

QUESTIONS 4