AGENDA ITEM BACKGROUND
TO: GOVERNING BOARD
DATE
FROM: PRESIDENT
April 8, 2013
SUBJECT:
Resolution 030-13: 2013-14 Tax and Revenue Anticipation Notes (TRANs)
REASON FOR BOARD CONSIDERATION
ACTION
ENCLOSURE(S)
ITEM NUMBER
G.3
Page 1 of 32
BACKGROUND:
The attached resolution authorizes the issuance by the Cabrillo Community College District of 2013-14
Tax and Revenue Anticipation Notes (TRANs.) The TRANs will be issued through a statewide financing
program sponsored by the Community College League of California.
Cabrillo College has participated in a cash reserve program through the issuance of TRANs since 199495. The notes are a short-term debt instrument issued by school districts throughout the state to create an
additional reserve to the general fund. This reserve is often necessary to meet cash flow needs.
Cabrillo College’s TRANs will not exceed $8 million, and maturity will be 12 months dated July 1, 2013,
and due June 30, 2014. Adoption of this resolution and granting of authority to sell TRANs does not
obligate the District to do so. The resolution simply delegates to administration the authority to decide
whether to participate at the time interest and reinvestment rates are known.
The attached resolution authorizes various financing documentation, which is on file in the Business
Services office. The resolution authorizes John Hendrickson, Interim President and Superintendent,
Victoria Lewis, Vice President and Assistant Superintendent for Administrative Services, and Graciano
Mendoza, Director of Business Services, to sign financing documentation in connection with the issuance
of the TRANs. The resolution also appoints the law firm of Stradling, Yocca, Carlson & Rauth as bond
counsel to Cabrillo.
RECOMMENDATION:
It is recommended that the Governing Board adopt Resolution 030-13 delegating to the Vice President,
Administrative Services the authority to decide on participation in the Community College League of
California cash reserve program at the time when interest, costs and reinvestment rates are known.
Administrator Initiating Item:
Graciano Mendoza
Victoria Lewis
Academic and Professional Matter
If yes, Faculty Senate Agreement
Senate President Signature
 Yes  No
 Yes  No
Final Disposition