Consent 8.
Regular Board of Supervisors Meeting
County Treasurer
- Meeting Date:
- 04/28/2015
- Title:
- Adopt Resolution 15-, approving the form and authorizing the execution and delivery of an increase of 5,000,000.00 to the Line of Credit agreement.
- Submitted By:
- Pam Munsey, County Treasurer
- Department:
- County Treasurer
Presentation:
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
TITLE
of PRESENTER:
of PRESENTER:
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Adopt Resolution 15-10 to approve the form and authorize the execution and delivery of an increase of $5,000,000 to the Line of Credit Limit for Cochise County between the Treasurer of Cochise County and J.P. Morgan Chase.
Background:
Increase existing Line of Credit Limit from 10,000,000.00 to an increased Credit Limit of 15,000,000.00. Pursuant to A.R.S. 11-604.01, Cochise County Treasurer maintains lines of credit on behalf of Cochise County with the County's servicing bank. The Addendum also raises Tombstone Unified School District #1's line of credit from $2 million to $2.2 million.
Department's Next Steps (if approved):
Once approved and signed, send copy to Treasurer's office. Treasurer will mail copy to Chase.
Impact of NOT Approving/Alternatives:
Regards to meeting capacity, county will be capped at existing line of credit limit of 10,000,000.00.
To BOS Staff: Document Disposition/Follow-Up:
When signed, send copy to Treasurer's office. Treasurer will mail copy to Chase.
Fiscal Impact
- Fiscal Year:
- One-time Fixed Costs? ($$$):
- Ongoing Costs? ($$$):
- County Match Required? ($$$):
- A-87 Overhead Amt? (Co. Cost Allocation $$$):
- Source of Funding?:
Fiscal Impact & Funding Sources (if known):
Total Line of Credit Limit will increase to 15,000,000.00 from existing line of credit limit of 10,000,000.00.