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Tax Anticipation Notes

June 27, 2013

Michael E Finn

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• 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

Tax Anticipation Notes (TANS)

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• 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 2014

Requested Authorization

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QUESTIONS