Consent
Library District Meeting
County Treasurer
- Meeting Date:
- 07/12/2011
- Title:
- Line of Credit
- Submitted By:
- Arlethe Rios, Board of Supervisors
- Department:
- Board of Supervisors
Presentation:
No A/V Presentation
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
NAME
of PRESENTER:
of PRESENTER:
n/a
TITLE
of PRESENTER:
of PRESENTER:
n/a
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Agenda Item Text:
Approve establishing a revolving line of credit for the Cochise County Library District from JP Morgan Chase Bank, N.A. pursuant to A.R.S. Section 11-604.01 and authorize the County Treasurer to enter into an agreement with the bank to provide the line of credit to the Library District.
Background:
Cochise County Treasurer maintains lines of credit on behalf of the Cochise County Library District with the County's servicing bank. The Board of Supervisors may enter into agreements with a financial institution authorized to do business in this state for the purpose of obtaining a separate and distinct revolving line of credit for the county and each individual political subdivision of the county for the current fiscal year to pay the lawful claims and obligations of the political subdivision until sufficient monies for payment from property taxes and other non-restricted revenues are received by the treasurer.
The line of credit has not been used for the Library District but is established in the event of an emergency. If used, the cost for using lines of credit (interest on borrowed funds) is 61% of the Bank's Prime rate pro-rated daily. The current rate is 1.9825 %.
The line of credit has not been used for the Library District but is established in the event of an emergency. If used, the cost for using lines of credit (interest on borrowed funds) is 61% of the Bank's Prime rate pro-rated daily. The current rate is 1.9825 %.
Department's Next Steps (if approved):
Send letter to JP Morgan Chase Bank.
Impact of NOT Approving/Alternatives:
The Library District will not have a line of credit.
To BOS Staff: Document Disposition/Follow-Up:
Send original signed letter to bank.