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This document is a resolution from the School District of Monroe County, Florida, authorizing the issuance of a tax anticipation note not to exceed $11,900,000 to provide interim funds for the payment
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How to fill out resolution authorizing form issuance
How to fill out Resolution Authorizing the Issuance of Tax Anticipation Note
01
Title the document as 'Resolution Authorizing the Issuance of Tax Anticipation Note.'
02
Include the date of the resolution at the top.
03
State the purpose of the resolution, specifying the need for the Tax Anticipation Note due to anticipated cash flow shortages.
04
Mention the amount of the Tax Anticipation Note being issued.
05
Specify the term of the note, including the maturity date.
06
Include the authority under which the Tax Anticipation Note is being issued.
07
Detail the repayment plan and how the funds will be repaid once tax revenues are collected.
08
State the conditions under which the issuance is authorized, including any legal requirements that must be met.
09
Provide the signatures of the authorized individuals, which may include the mayor, city manager, or chief financial officer.
10
Ensure the resolution is recorded in the official minutes of the governing body.
Who needs Resolution Authorizing the Issuance of Tax Anticipation Note?
01
Local government entities that anticipate short-term cash flow shortages due to the timing of tax revenue collection.
02
Municipalities requiring immediate funding to maintain operations prior to tax revenue being received.
03
School districts or other public agencies needing temporary financing to cover essential services until taxes are collected.
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People Also Ask about
What is an example of a tax anticipation note?
TAN Example The city only has $2 million in spare cash. So, anticipating tax revenues that will be received in April 2023 after the deadline for filing taxes, the city may issue tax anticipation notes with a face value of $3 million to mature in May 2023.
What is an anticipation payment?
anticipation. any advance payment of an obligation prior to the date payment is due, usually to save interest costs. Accounting. Charges to income or future earnings before these earnings are realized.
What is a tax anticipation note?
Tax anticipation notes (TANs) are municipal bonds where the bond proceeds are secured by future tax revenue. Some examples of TANs include bonds tied to future property tax, sales tax and hotel occupancy tax.
What is a tax note?
Tax Note means a Promissory Note evidencing a Tax Loan made to a Participant by the Company pursuant to the terms of this Program, in the form attached hereto as EXHIBIT 1B.
What is an anticipation note?
An anticipation note is a short-term obligation for temporary financing with the expectation of repayment via future cash flows. Anticipation notes normally have maturities of one year or less, are rated by credit agencies, and include interest that is payable at maturity rather than semiannually.
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What is Resolution Authorizing the Issuance of Tax Anticipation Note?
A Resolution Authorizing the Issuance of Tax Anticipation Note is a formal statement issued by a governing body, such as a municipality or county, that allows the entity to borrow money against anticipated tax revenues to meet short-term financial needs.
Who is required to file Resolution Authorizing the Issuance of Tax Anticipation Note?
Typically, local government entities such as cities, towns, or counties are required to file this resolution when they need to manage cash flow and bridge gaps in funding until tax revenues are received.
How to fill out Resolution Authorizing the Issuance of Tax Anticipation Note?
To fill out the resolution, the governing body must include specific information such as the amount of the note, the purpose of the borrowing, a statement of anticipated tax revenues, a repayment plan, and the signatures of authorized officials.
What is the purpose of Resolution Authorizing the Issuance of Tax Anticipation Note?
The primary purpose of this resolution is to allow local governments to secure temporary funding for immediate expenses until expected tax revenues are received, thus ensuring continuity of operations.
What information must be reported on Resolution Authorizing the Issuance of Tax Anticipation Note?
The resolution must report essential details including the amount of the tax anticipation note, the date of issuance, the maturity date, interest rates, the specific taxes anticipated, and any conditions related to the issuance.
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